When Do I Need Life Insurance?


Posted on 6th June 2012 by Rita in Final Expense |How To's of Life Insurance |TERM Life Insurance |WHOLE LIFE Insurance

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enjoy life don't worry about your loved ones

6 Life-Style Examples…

Young Families: Young families and those considering starting a family, may want to think seriously about life insurance. At this point in life it would be to your advantage to obtain life insurance since rates are lower at younger ages and can be locked in for a predetermined amount of time.

Established Families: Having a family and/or others who depend on you simply means you have a definite need for Life Insurance, unless you have some mega savings account that others have access to so they can provide for themselves upon your passing away.  Please note: This is not limited to the person who works outside the home. Life Insurance should be considered for the person working in the home. Think of the costs involved to hire someone to do the domestic chores, home budgeting, child care, etc. Paying for these services may cause significant financial burdens for surviving loved ones.

Children: Wondering why anyone would ever need life insurance on a child? … Ask yourself: would an unexpected death of a child become a financial burden?  Such as paying for the medical bills, funeral cost, or burial expenses.  If you answer Yes… then it would be wise to obtain life insurance for a child.  One of the best advantages when obtaining a life insurance policy on a child is the rates are very low.  Some adults still have the policies their parents obtained on them when they were young; although the policy may not be large it can still be very beneficial.

Young Single Adults: When you’re young and single it is easy to think there is no need for life insurance.  Here are some reasons why you may want to re-think this.  If you have outstanding debts, financially support an elderly parent or loved one.  Would like to have unexpected medical or final expenses covered… Term Life Insurance works well for young adults as the rates are very affordable.  You may want to consider permanent Whole Life Insurance at this point in your life.  As with any life insurance product, the premiums are much less when you are young and healthy. Whole life insurance also provides cash value that builds over the years.

Working couples without children: If the unexpected death of your spouse would cause a burdened covering funeral costs, medical expenses, large debt or mortgage.  Then you may want to consider life insurance to cover these expenses. Perhaps one spouse contributes more to the household income or would like to leave their loved one in a better financial position such as paying off the home mortgage. Life insurance can provide extra monetary benefits as well as protection from financial devastation.

Retired and Elderly.  If you are in this age group and do not have anything in place to cover funeral costs, medical bills, or estate taxes. You may want to consider a small final expense life insurance plan.  Maybe you have thought about leaving a legacy gift, charitable gift or funding a grandchild’s education. All of these scenarios and many more can be obtained through a Life Insurance policy.

Note: Life Insurance is usually not obtainable when you are very, very ill.  Same with car insurance or any other insurance, you are not able to purchase car insurance after a car accident or mortgage insurance after a house fire etc.

Whatever your situation, once you know that you have put the safeguards in place for your family and loved ones, you will be able to spend more time enjoying your life, and not worrying about what if.

Providing the Gift of financial stability is one of the greatest gifts you could ever give.

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Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
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If you prefer to speak with a local financial representative, call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.

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