Why Do I Need Life Insurance?

If you died during your earning years, how would your family replace your lost income? The answer is life insurance.  Protecting your loved ones with life insurance is one of the most responsible decisions you can make.  If you don’t own life insurance,  you could leave your family financially vulnerable if you were to pass away unexpectedly.   Life insurance can provide your loved ones with the funds needed to:

Pay final expenses (i.e. funeral costs, uninsured medical bills)

Pay off mortgage and other personal debts

Replace your income

Maintain their current standard of living

Create a college fund

Provide for financial emergencies

Provide for childcare and domestic maintenance

Pay estate taxes

In most cases, the death benefit from a life insurance policy is TAX-FREE.

Life Events That Trigger the Need for Life Insurance

Getting Married – Once you are married, it is most likely that you will be comingling finances with your spouse and sharing financial responsibilities.  How would your surviving spouse be able to pay those debts if you passed away? Life insurance can give your surviving spouse the necessary means to pay any mutual or individual debts that are outstanding at your death.

Starting a Family – This is probably the single most important reason to own life insurance.  The cost of raising children is substantial, especially when you factor in the cost of college.  If you were to pass away, how would your surviving spouse handle the financial responsibility of raising the children?  Life insurance can offer peace of mind that your family will be able to maintain the lifestyle you desire if you passed away.

Adding to a Family – Some parents purchase life insurance after they have their first child.  Unfortunately, they find that they do not have enough coverage when they have a second or third child.  You should always revisit your coverage amount and duration after adding another child.

Buying a Home – For many people, buying a home is the biggest financial commitment they will make.  In fact, according to a 2015 report by National Association of Home Builders, California has the 3rd highest median home price in the nation.  When you factor in mortgage payments, maintenance and taxes, owning a home is an expensive and long-term commitment.  Life insurance can allow you to protect your loved ones from these expenses if you were to pass away.

Starting a Business – There are many uses for life insurance for business planning.  At a minimum, a life insurance policy can be used to give your loved ones the liquidity to better manage the transition process after your death, whether the business is sold or kept.  There are also other ways life insurance can be useful in business planning such as buy/sell agreements, key man policies, executive bonus plans and group term policies.

Supporting Aging Parents – This has become more popular as the population demographic has changed.  If you are supporting aging parents, how would they cope if you weren’t around to offer financial support?  Even a small term policy could provide financial relief for your parents if you were to pass away unexpectedly.

Getting Life Insurance has Never Been Easier

Let us show you how easy it is to get covered.  We make the application process simple.  In most cases, your life insurance application can be completed on line and signed using e-signature technology.  We shop over 40 of the top life insurance companies to find our clients the best rates on coverage.  Give us a call at 877-205-4172 or email us at info@termlifeanswers.com for more information.

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