3 Life Events That May Signal You Need More Life Insurance
Have you had some big changes in your life recently? Did those changes give you greater financial responsibility or obligations? If so, it may be possible that you need more life insurance to protect your loved ones. Your greatest asset may be your ability to work and generate income to meet your obligations. If you pass away, your family could lose your income, putting them in a challenging financial situation. Life insurance can protect them by providing a financial benefit upon your death. Not sure whether you need more life insurance? Here are a few life events that often signal a need for more coverage:
You have children. Did you recently grow your family? If so, more life insurance may be a wise idea. Your children likely rely on your financial support. If you pass away, your spouse or partner may be left to care for the children without your income and with limited financial support. Your life insurance death benefit may help your spouse stay on solid financial ground and maintain the family's standard of living.
You may want to consider a type of insurance known as term insurance. This provides protection for a limited period of time and is usually less expensive than permanent insurance. You can purchase a policy that expires after your child is grown and out of the house, at which time you can stop making premium payments.
You started a business. While business ownership can be fulfilling and rewarding, it can also bring a number of complications into your financial life. One of the biggest is figuring out what will happen to the business and your family should you pass away unexpectedly. Who will continue running the business? How will the employees be paid? Who will make the business debt payments and meet long-term obligations to customers and vendors?
Life insurance can help answer all these questions. Your family can use the life insurance benefit to fund the business on a short-term basis until they can find a long-term solution.
You are caring for an elderly parent or other family member. You may have a grown loved one who relies on you for care or support. It could be an elderly parent or even a disabled sibling. What would happen to that person if you passed away? It may be necessary to hire a professional nurse or caregiver to replace the support that you provided. Of course, your loved one will need money to do that.
You may want to consider a life insurance policy to protect your loved in the event of your death. If you think your loved one will only need care on a temporary basis, you could purchase a short-term policy.
A life insurance agent can help you determine whether you have enough coverage. Contact an agent from a company like Guys Insurance to learn how much coverage you need.
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