One of the biggest questions we get when it comes to life insurance is “am I protected”. You may already have some life insurance, but is it enough to cover all of your expenses you may encounter? Think about the cash and income needs your family will have if you die prematurely. Which of these are of concern to you and your family?
- Final Expenses– funeral expenses, medical bills not covered by health insurance, executor’s and attorneys’ fees, court costs, taxes, etc.
- Debt Repayment – mortgages, car loans, credit card debt, college loans, home improvement loans, etc.
- A Place to Live– would you want your survivors to remain in the family home?
- Monthly Essentials– food, clothing, daycare, medical care, electricity, gasoline, taxes – these are all essentials.
- Non-Essential Lifestyle Needs– cable TV, the daily newspaper, children’s activities, sports equipment, vacations, gifts.
- Education– if you have children, do you have enough to afford a college education?
- Emergencies and Opportunities– what about unexpected illnesses or a temporary layoff of your working spouse? A new roof? A child’s braces? A son or daughter’s wedding?
- Or, an unexpected business opportunity?
- What other monthly obligations do you have?
Who Needs Life Insurance
- High-net-worth individuals and families with sufficient assets to trigger estate taxes.
- Single individuals with college loans that need to be repaid.
- Young parents with children to support.
- Families with children who may one day want to attend college.
- Homeowners with a mortgage to pay off.
- Parents of children with special needs, who will require financial assistance into adulthood.
- Owners of a family business who want to pass the business on to a child or children.
- Business owners with one or more partners who may need to be bought out.
- Anyone who depends on their income or assets to provide for dependents.
- Anyone who depends on their income or assets to provide them or their dependents with a comfortable lifestyle.
For more information or personal advice you should consult an insurance professional. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you.