Life insurance is a necessity for many people, particularly young families. While most think of life insurance as a metric for estate planning, it’s also a solid financial planning tool that can help provide a cushion in the case of an untimely death. If you don’t have life insurance, let us share reasons why it may be the ideal time for you to start exploring options.
You Have or Are Planning a Family
When new life changes occur, such as the birth of a baby, many people look to protect their family with life insurance. A life insurance policy can help your loved ones pay your mortgage and other bills after you die. They also cover college tuition and medical expenses.
You Are Getting Married
When you get married, your spouse becomes part of your financial plan. In addition to combining bank accounts, it may be a good idea to combine life insurance policies as well. There are certain life insurance products, called joint life insurance policies, that are aimed at married individuals.
If Your Aging Parents Are Dependent on You
If you’ve been caring for aging parents, life insurance can be one of your greatest financial aids. Long-term care insurance provides vital long-term support services if a parent requires help with activities such as dressing or bathing. As children and grandchildren, we want our parents to enjoy their retirement years. Life and long-term care insurance allows us to help them stay in their homes — and can reduce the financial burdens on family members, which might otherwise be necessary.
If Your Parents Are Co-Signers on Your Student Loan
Private student loan debt is sometimes unavoidable. One way to help ensure your family does not get stuck with the debt if you die early is through life insurance. Life insurance can support your family in paying off your private student loan debt if you die prematurely.
You or Your Family Own a Business
If your own business is a sole proprietorship or limited liability company, you may already have a disability insurance policy from your business-owned disability insurance. But if you have an important family member who’s key to the operation, his or her disability or death can cripple your small business. You need workforce protection across all areas of your business – a comprehensive business-owned life insurance policy and business-owned disability insurance that names the business as the beneficiary so it can continue running.
