Who Needs Life Insurance?
Regardless of what chapter of life you are in and your financial status, the future cannot be predicted; so preparing for any monetary ramifications of an unexpected ailment or mishap can be an astute move. Thinking about life insurance is never a fun thing to do, but it is necessary, especially if you have anyone who depends on your income or if you have any debt. Without a savings account or assets to sell, life insurance is a must. For guardians, business people, even young adults with those burdening student loans—the guarantee of a death benefit from life insurance can give you some relief that your family or business partners will be secured. While everyone could probably benefit from funeral expenses at a minimum, there are 3 categories of people who can most benefit from life insurance.
Adults Who Have a Mortgage or Other Debt-
A mortgage, investment properties, car loans, and student loans are all debts that could transfer to children or next of kin. If you have debt or are married and one spouse makes a significant amount more money than the other, life insurance is something that can help pay off these debts.
Your children are depending on your income to live until they become adults themselves. If something should happen to you as a parent, you will want to ensure your children are still provided for financially, and life insurance can do so. Also, if you are married and your spouse depends on your income to support the child or children, leaving them with no more money could have devastating consequences.
Being a good business owner means planning for the future if something should happen to you. You can use life insurance to help fund any buy-sell agreements that would have to occur upon your untimely death. Also, if you have any critical employees that if they were to die, your business would suffer, you can purchase key person life insurance to help you get by while replacing them.
While not very glamorous, purchasing life insurance can help give you peace of mind that your loved ones will not have to deal with any financial burdens should something happen to you. If you have any questions about life insurance or would like to get a quote, call the team at Rumbaugh Insurance today.