Is life insurance for everyone? That’s a big and important question. To start answering that, data from the industry groups Life Happens and LIMRA states that 70% of Americans consider life insurance a necessity for themselves, but 41% have no life insurance at all. However, there are so many ways that having a life insurance policy can help you and your family, and it is a not a one size fits all. You can customize and make it work for your personal situation and your family’s needs.
If you are a stay at home parent, term life insurance can assist by covering the cost of services that do what you do on a daily basis, such as a day care center. Having a term life insurance policy can cover the years when your children are young.
If you are the main breadwinner of the family, term life insurance can provide an income replacement and to cover your working years, so that your family can continue to live safely financially, without worrying about how to pay for all the things you are used to paying for, such as grocery, utility bills, clothing, and more. For divorced parents, having a term life insurance policy can assist with covering the support payments that a divorced parent makes, that keep your children having everything they need and deserve. If you have a mortgage on your name, a term life insurance policy can cover the mortgage payments, keeping your family living in your beloved home without the stress of downsizing, moving, renting, etc. In addition, changing a place of residence can cause a need for multiple additional changes, such as work place, schools, and more, and in a hard emotional time, every additional change can add a lot of unnecessary stress.
For parents of a special-needs child, a permanent life insurance can secure a financial support for the child, regardless of when the parent is gone. On top of that, If you want to leave some money behind for your loved ones but you don’t have much, permanent life insurance can provide a small inheritance to the people you choose.
For business owners, term life insurance can help the decided heirs to the business pay off real-estate taxes or other debts after you are gone, or there is an option to fund an agreement that would allow a business partner to buy out your share.
To conclude, there are different ways of how life insurance policy can help you and your loved ones, and the ones above are just the beginning. Do not hesitate to speak to a reputable agent to check what your options are. The peace of mind you will have once your affairs are in order is truly priceless.