Chances are that someone will end up suffering finically when you die, which is why it is important to have life insurance to help your family once you are gone. Having death benefits in place to supplement your income will help your family pay for funeral costs and other living expenses. Below, we explain what types of people might benefit most from a life insurance policy.
Married Couples
A lot of couples assume they don’t need life insurance coverage until they have children. This is a mistake. If one spouse were to suddenly die, the surviving spouse’s income might not be enough to cover things like credit card debts, car loans, monthly rent, and utility bills. If you are a couple who are planning to have children, now is a good time to get a life insurance policy. If you wait until you are pregnant, you might run into insurers who won’t issue life insurance policies to pregnant women.
Married Couples With Kids
Many families across the country rely on dual incomes to make ends meet. When one parent suddenly passes away, it can be extremely difficult for a family to keep up with their financial obligations. Maintaining a family’s standard of living on a single income is nearly impossible. Having a life insurance policy will ensure that you have funds to keep the lifestyle your family has grown accustomed to.
Single Parents
Single parents are responsible for being a caregiver, breadwinner, cook, chauffeur, and much more. Roughly 4 out of 10 single parents lack life insurance coverage, while those that do have coverage often say they need more than their policy offers. Because single parents have so many financial responsibilities, it is vital to purchase an adequate life insurance policy that will protect your children’s future.
Parents with Grown Children
If your kids have already graduated college and you are looking towards retirement, it doesn’t necessarily mean that you don’t need life insurance. In the event that you die, your spouse would be left to handle any family expenses that might arise. Without life insurance, these expenses can be difficult for your spouse to keep up with.
Do you need help choosing a life insurance policy that fits your needs? Our Atlanta insurance administrators can discuss your situation and find a policy that is right for you. Call (888) 451-0883 to speak to a professional today.