Who Needs Life Insurance?

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Married:  Even with your surviving spouse’s income, would that be enough to pay off debts like credit card balances and car loans, let alone cover the monthly rent and utility Bills?

Married With Kids: Could your family continue their standard of living on your spouse’s income alone? Would their plans for the future-like college stay intact?

Single Parent: With so much responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your children’s financial future.

Stay-At-Home Parent: Just because you don’t earn a salary doesn’t mean you don’t make a financial contribution to your family. Childcare, transportation, cleaning, cooking, and other household activities are all important tasks, the replacement value of which is often severely underestimated.

Grown Children: Just because your kids are through college and the mortgage is paid off doesn’t necessarily mean you no longer need life insurance. If you died today, your spouse will still be faced with daily living expenses.

Retired: Depending on the size of your estate, your heirs could be hit with an estate-tax payment of up to 45% after you die. The proceeds of a life insurance policy are payable immediately, allowing heirs to take care of these taxes, funeral costs and other debts without having to hastily liquidate other assets, often at a fraction of their true value.

Small-Business Owner: Besides taking care of your family, life insurance can also protect your business. What would happen to your business if you, one of your fellow owners or a key employee died tomorrow? Life insurance can help in a number of ways. You can protect your business through a buy-sell agreement, or key person insurance.

Single: Most single people don’t need life insurance because no one depends on them financially. Things to take into consideration are your debt load, funeral expenses, and insurability.