Whether you are married, or single, life insurance is a means to ease the financial burden of an unexpected death. Life Insurance can secure family’s standard of living, and unexpected costs that come with unexpected death. Life insurance provides you with the opportunity to prepare for the unexpected. You can personalize policy and financial cushion to suit the needs of your family or loved ones.
Everyone needs life insurance for different reasons. Individual needs and circumstances can vary on a case to case basis. If you are asking yourself “Do I need Life Insurance?”, consider these scenarios:
A Parent with Minor Children
An unexpected death of a parent in the household where the parent is the bread winner or contributes to the household income can drastically affect the family’s standard of living. In addition to grieving, the family has to take care of funeral costs, day to day living costs and more.
A life insurance policy in cases like this can help the family with coverage to replace the salary, funeral costs, and more! Costs like daycare or college tuition can also be covered. A life insurance policy ensures the family is taken care of in the event of an unexpected death.
If you are a stay at home parent, you still have financial obligation to your family. In scenerio where there is an unexpected death, the working parent will need to continue working but who will take care of the children? The children will need a babysitter, or daycare provider which will add on to the expenses. Parents at all stages can safeguard the future of their children and spouse. Each household can customize their coverage to their needs. Talk to an insurance agent to find a policy that can ease your mind and safeguard the future of your children.
It is often said that your life insurance policy should last your mortgage term. Mortgages are one of the biggest debts people take on, but who will take on that financial responsibility in case of your unexpected death? Generally, the mortgage is passed on to your family. It can be your spouse, your parents, or your siblings that may end up having to pay off your mortgages.
To ease the burden of inheriting debt for the property on your family, choose a life insurance policy to cover your responsibilities when you are gone.
A life insurance policy can be used to leave behind a legacy for your family. It can provide lump sum for spouse to cover unexpected medical and long-term expenses later in life.
The biggest reason older people get life insurance is to pay for “end of life” expenses like the cost of settling an estate, or the cost of funeral and burial. Mortality is inevitable, but the life insurance coverage is something that needs to be taken care of before the unexpected were to happen.
Whether you are an elderly or young adult, it is important to think about preparing for the unexpected with the right policy to ease the mind of those you leave behind.
Note: If you are a senior citizen with pre-existing health conditions, affordable policies are available.
A Business Owner
What will happen to your business in case of your sudden or unexpected death? Do you have a succession plan in place? In case of the unexpected, it is important to have a succession plan and coverage to support business costs.
A smart business owner will have a succession plan to help identify who will inherit the business and its assets and liabilities when they are gone. Without a good succession plan, even the most successful businesses can fail. Life insurance can help you fund your transition plan whether you want to sell your business, liquidate, or pass it down to a loved one.
In cases where you are investing in a business, Life insurance can also secure your investment if an unexpected death of the business owner were to occur.
As you can see, life insurance can help individual from all walks of life. It is one way of guaranteeing a stress-free future for your loved ones. It is also important to keep in mind that insurance can be more expensive as you age and incur health conditions. Premiums can be 2-3 times more for a 40-year-old versus a 20-year-old. If you are considering life insurance, talk to an insurance agent right away before you forget.