You may need Life Insurance If…


Posted on 18th September 2009 by Rita in Life Insurance

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6 Life examples…

Young Families: If you are considering starting a family, Life Insurance should be obtained. At this point in your 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: If you have family and/or others who depend on you, then there is no question that you have a definite need for Life Insurance. This is not limited to the person who works outside the home. Life Insurance needs to 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. This would cause significant financial burdens for the surviving family and/or loved ones.

Children: If the unexpected death of a child would become a financial burden, such as paying for the medical costs or funeral and burial expenses. An advantage of obtaining a policy on a child is that the rates are very low. Some adults still have the policies that their parents obtained on them when they were young; although the policy may not be large it can be very beneficial.

Young Single Adults: If you have outstanding debts, you financially support an elderly parent or other person or would like to have your medical and final expenses covered. Term Life Insurance works well for young adults as the rates are very affordable. At this point in your life you should carefully consider permanent Whole Life Insurance. This is one of the best times in your life to obtain a Whole Life policy since the rates are usually better at a younger age and you can use the cash value that builds in these policies to help fund your retirement years.

Working couples without children: If the unexpected death of your significant other would be a burden in covering the funeral costs, medical expenses or large debt. Perhaps one spouse contributes more to the household income or would want to leave their loved one in a better financial position such as paying off the home mortgage.

Retired and Elderly. If there is nothing in place to cover funeral costs, medical bills and estate taxes. 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.

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 to your family is one of the greatest gifts one 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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