Life insurance needs vary based on financial obligations and dependents. The single dad with a teen daughter needs a life insurance policy the least, while the others may benefit from having one to protect their financial well-being.
The single dad with a teen daughter needs a life insurance policy the LEAST. Typically, life insurance is most critical for those with dependents who rely on their income for financial support. In this case, since the single dad has a teen daughter, the need for financial protection is lower compared to the other scenarios.
A married couple with [tex]$250,000 in debt may have a higher need for life insurance to cover the outstanding debt and protect the surviving spouse from financial hardship. An elderly couple with $[/tex]1M in retirement and savings may also need life insurance to ensure financial stability for the surviving spouse or cover end-of-life expenses.
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