Life Insurance... Who needs it?
There are reasons to consider life insurance at any stage of life whether you are a young single, have a family with children, an empty nester, or a retiree.
Life Insurance…..Who needs it?
Life insurance pays cash when a person dies. It is in place to protect loved ones from the financial burden caused by premature death.
Danica Patrick's Personal Message
A young single should consider Life Insurance to cover debts such as student loans, personal loans owed to family members, or car loans. Another consideration is that coverage placed protects insurability. That is, if an individual's health changes such that insurance in the future would cost more or be unavailable, the coverage is in place for such a time as it is needed for future responsibilities.
Families with Children
One of the concerns for parents of young families is that if one of them should pass away the income of the deceased spouse has stopped abruptly. Insurance can replace income and pay off debts including a mortgage, pay last expenses and provide education funds for children.
Loss of income and paying off debt are often a concern. With retirement on the horizon consideration is given to loss of savings if one partner passes before the retirement savings have been accumulated. Also some future retirement benefits from the government or private pensions may be lost to the surviving spouse. These funds can be replaced with insurance.
We often see retirees who are concerned with the amount of income taxes that will be due when the second spouse passes on. The tax exempt nature of the death benefit on life insurance means it can be a very effective way to deal with those income taxes. It is also an extremely effective way to pass wealth to the next generation.
Be There When It Counts. The Value of Life Insurance.
There are reasons to consider life insurance at any stage of life. Your own unique circumstances dictate what your needs might be. Seek the advice of a professional in your insurance planning; your family's future is too important to leave to chance.
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For additional reading take a look at the Top 10 Life Insurance Myths by Mark P. Cussen.