Who needs life insurance? Almost everybody does. The bottom line is, if someone will have to use their own money to pay your bills when you are gone, then you need life insurance.
This applies to people in the following situations:
- If you are married, you need life insurance. Life insurance ensures that your spouse has money to pay your medical bills, funeral costs and will have money to live on and make the adjustment of not having you there. How much life insurance you need depends on how much money you make, or does it? Yes, you want life insurance to cover your salary if you are gone. But, you also want life insurance to cover the cost of child care, housekeeping etc., if you are a stay at home parent. You might not be making a salary, but what you do for your household is expensive to replace.
- If you have children, you need life insurance. The life insurance policy can cover college costs, transition costs and will be valuable if your children need to live with a guardian after you are gone. Your life insurance protects their future if you are not there to provide.
- If you are single without children, you need life insurance. Why? Because someone has to pay your bills. Unless you are wealthy enough for all your end of life bills to be paid—including your mortgage and medical bills—then you need life insurance to protect your family’s finances.
- If you are retired, you need life insurance. So, your house is paid off and you have ample money in the bank for those end of life expenses. But, what if something happens to one of your children and you need to care for your grandchildren? Don't wait until it's too late to get life insurance to protect your loved ones. Plus, it would be nice to pass on some money to those grandchildren to give them a financial boost.
Are you ready to talk about life insurance? Our agents are happy to assist you. We’ll help you get started.