Recent events have made many of us feel vulnerable.
And more people are buying life insurance as a result.
It can help you provide for your family after you’re gone. You might also worry about your own expenses later in life.
But is it worth the investment now?
Is it for you?
And who needs life insurance?
Let’s take a look at the reasons why you might want coverage.
You Have People Who Rely on Your Income
Maybe your spouse has retired or left employment. Or you might have children who are unable to support themselves.
Monthly bills, food and housing can be expensive. And you want to know your dependents will be okay no matter what.
Life insurance coverage can give you this peace of mind.
In addition, if you have a business that needs you to function, your employees could suffer. Having the right life insurance policies in place can prevent this.
You Need to Cover Business or Personal Debts
Debt is the last thing you want to leave behind. Your joint account holders, co-owners and co-signers could take on this burden.
In some states, your spouse could need to settle your debts. You could avoid this by studying probate regulations. But something to consider.
Estate taxes can leave your heirs with a hefty sum to pay. This depends on the size of your estate, but federal estate tax can reduce what your heirs inherit from you.
You’re a Military Veteran Who Needs Life Insurance
Military life insurance gives you peace of mind when you’re in service. You know your family and dependents will be secure in event of your passing.
But have you looked at your options now you’re a veteran?
Changing to whole life insurance for veterans can be the better choice. Both for security and your finances. See how it compares to your current policy.
Military life insurance policies are just one of many available to you, and you may find other policies that suit your needs.
You Worry About Your Savings for Later Life
Expenses can add up as you get older. Doctor’s bills, care costs, changes in diet or supplementation. Funerals can be expensive too.
There are two main categories of life insurance: term and permanent. Several subtypes fall into these two.
Term life insurance covers you for 5, 10, 20 years depending on your policy. If you are alive at the end, the policy expires, and you get no payout.
But permanent, or whole life insurance, covers you for the rest of your life. Many policies offer a cash value that you can use whilst you are alive.
Your Next Steps
We hope we’ve helped you to decide if you’re someone who needs life insurance.
Sitting down and working over your life factors can help you choose, and you have plenty of options available.
Once you make your serious choices, you can focus on things in the present. Browse the rest of our site for tips on finance, health and enjoying life.
