Chances are that someone will end up suffering finically when you die,
which is why it is important to have life insurance to help your family
once you are gone. Having death benefits in place to supplement your income
will help your family pay for funeral costs and other living expenses.
Below, we explain what types of people might benefit most from a
life insurance policy.
A lot of couples assume they don’t need life insurance coverage until
they have children. This is a mistake. If one spouse were to suddenly
die, the surviving spouse’s income might not be enough to cover
things like credit card debts, car loans, monthly rent, and utility bills.
If you are a couple who are planning to have children, now is a good time
to get a life insurance policy. If you wait until you are pregnant, you
might run into insurers who won’t issue life insurance policies
to pregnant women.
Married Couples With Kids
Many families across the country rely on dual incomes to make ends meet.
When one parent suddenly passes away, it can be extremely difficult for
a family to keep up with their financial obligations. Maintaining a family’s
standard of living on a single income is nearly impossible. Having a life
insurance policy will ensure that you have funds to keep the lifestyle
your family has grown accustomed to.
Single parents are responsible for being a caregiver, breadwinner, cook,
chauffeur, and much more. Roughly 4 out of 10 single parents lack life
insurance coverage, while those that do have coverage often say they need
more than their policy offers. Because single parents have so many financial
responsibilities, it is vital to purchase an adequate life insurance policy
that will protect your children’s future.
Parents with Grown Children
If your kids have already graduated college and you are looking towards
retirement, it doesn’t necessarily mean that you don’t need
life insurance. In the event that you die, your spouse would be left to
handle any family expenses that might arise. Without life insurance, these
expenses can be difficult for your spouse to keep up with.
Do you need help choosing a life insurance policy that fits your needs?
Our Atlanta insurance administrators can discuss your situation and find
a policy that is right for you. Call (888) 451-0883 to speak to a professional today.