Simply put... You need Life Insurance if people depend on you for financial support. This could be your spouse, children, or dependent parents.

 

Common Needs for Life Insurance:

 

Replace your income. If people depend on your income, your death causes a financial shortfall. Life Insurance can replace that income for them. (Especially those with minor children as dependents.)

Replacement care for others. If you provide the daily care of a household, your contributions have financial value and your death would cause need for replacement care. Again, this is true with small children, and also extends to those responsible for the care of an elderly relative or an older child with special needs. Life Insurance may be needed to provide continued care.

Pay for expenses as a result of death. Some examples of these expenses include cost of burial (funeral service, cemetery plot, casket, hearse, minister, cosmetology, grave marker), legal fees / estate taxes, credit cards, mortgage loan, etc.

To cover your business or key employee of your business. If you or someone in your business provides a critical contribution to the business there may be serious consequences if this key person would suddenly die. Life insurance may be needed to enable the business to survive this transition, or there may be a need for cash to enable remaining business partners to buy out the heirs of a deceased partner.

Fund a charitable interest or create an inheritance. Even if you have no other assets to pass on, you may have a desire to support a charity or create an inheritance. Life Insurance can significantly help fund these interests.

Provide supplemental income later in life. Most people know about "Term" Life Insurance, but there is also Permanent Life Insurance (Whole Life). Permanent Life Insurance builds cash value which can be used in various ways. In some instances it may make sense to fund a policy so that it contains cash value which can be withdrawn or borrowed during retirement.

 

Obtaining life insurance on yourself so that others will be taken care of is one of most selfless and loving acts that you can do. Ensure the future of your family – See my FREE term quote NOW!

 

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