Life Insurance can safeguard your business or family’s financial future should you pass away. It can also help to secure a more comfortable retirement when you leave the workforce or offset the costs of Long Term Care when you are older. There are many reasons to purchase life insurance but, above all else, it provides peace of mind for you and those you love.
Homeowners – If you’ve purchased a home, life insurance is a great option to help cover the expense of a mortgage payment. This will also help support any co-signers on your home in the event that you unexpectedly pass away.
Breadwinners – Life insurance can help your loved ones pay for living expenses, tuition, debts, and other expenses your income supported.
Parents – Whether you work or stay at home, you’re responsible for taking care of your children. Especially if you’re a single parent, life insurance can provide financial stability to your children should something happen to you and help cover the costs of living, education, and more.
You’re Married – If you’re married or have a domestic partner, life insurance can protect your loved one and the life you’re building together. It can help cover your lost income and shared expenses such as credit card balances, car loans, and monthly rent, so you leave your partner in a good financial situation.
Individuals with Debt – Even if you’re single with no children, life insurance can be a good idea if you carry debt. Some student loans won’t be discharged due to bankruptcy or death, so coverage can help alleviate the financial burden on your family.
Business Owners – Life insurance can also protect your business. It can be used to pay off your business debts or help the company stay afloat while they learn to get along without you.
End-of-Life Expenses – Small life insurance policies can pay for your funeral and final expenses so that burden isn’t left to your family.
You’re Single – In addition to protecting your family from inheriting your debt, life insurance can help provide support for anyone that depends on you, like aging parents or siblings. You may also want to consider buying life insurance while you’re young so that by the time you need it, you do not have to pay more due to your age.