There comes a time in every person’s life when life insurance is the right choice to protect loved ones.
While it is not easy to think about the time when you or your family may need to cash in on a life insurance policy, having one ensures that they don’t have to bear the financial burden of funeral expenses, outstanding debts, or other related expenses.
Who needs life insurance?
Depending on your stage of life, family situation, employment type, finances, having life insurance may be most worthwhile now, or in a few years down the road. Consider the following statements; if any sounds like you, now may be the best time to protect your loved ones by getting life insurance.
Your spouse, children, parents, or siblings depend on your income.
Maybe you are raising children, supporting aging parents, or caring for a sibling who is unable to work. Since they are dependent on your income, life insurance provides financial help and stability if you are no longer there to support them.
You own a small business.
If something happened to you, what would happen to your business? Would it go to a business partner, or be inherited by a family member? Life insurance can make sure that whoever your business is entrusted to is financially able to keep the business going, and smoothly transition through the change of ownership.
You have a mortgage, student loans, or other financial debt to pay off.
If you have outstanding debts, your family may be left to pay them off. Having the right life insurance policy in place can ensure that your loved ones don’t have to pay the debts themselves, giving both you and them the assurance that everything will be ok.
Your estate doesn’t cover funeral expenses.
It’s already hard to say goodbye, but if you don't account for funeral expenses, it can be costly too. Life insurance can help cover the funeral costs, giving your loved ones peace of mind.
Find peace of mind.
The decision to buy life insurance is personal. So many of the insurance calculations depend on your circumstances, financial situation, and future plans.
But even individuals who don’t currently have dependents, a business, or significant debt may want to look into getting life insurance. That’s because the cost will go up as you age. That means right now is likely the cheapest time for you to buy a policy.
Even the best planners can’t predict the financial fallout of your demise. Carrying some life insurance can provide a layer of financial protection for your beneficiaries.
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