080422 Who Needs Life Insurance?

Not everyone needs life insurance,

But it’s important to figure out whether you do.

You may need life insurance if…

* You Have Dependents

The most common reason for buying life insurance is to protect

Your dependents from the loss of your income. If you have a spouse,

Children, or other dependents, the payout can help your family

Survive the financial impact of your death.

* You Own a Business

If you're a business owner, you may need life insurance to help keep

Your business alive. It could also provide your heirs with the cash

Needed to disband or sell the business, or it could insure another

Employee who is key to the success of the business.

If you co-own a business with another person, each partner may need

A policy that will allow them to buy out the other’s half of the business

After their death.

*You Carry a Great Deal of Debt

Most debts owed solely in your name must be paid off by your estate

After you die. Co-signed loans become the co-signer’s responsibility if

They pass away before paying the debts off. Dying while carrying debts

Could mean your estate goes entirely toward paying off your creditors.

That could leave any loan co-signers on the hook for debts you agreed

To pay. Life insurance can help pay off your debts so they won’t affect

Your heirs.

* You Want to Cover Your Burial Expenses

The median cost of a funeral with a viewing and burial was $7,848 in

2021. (According to the National Funeral Directors Assoc.)

https://nfda.org/news/statistics

Life insurance can help cover the cost of your burial. That can help you

Feel secure knowing that your death will not be an added financial burden

To your family, especially if you have any concerns about their ability to

Afford a funeral.

Final expense insurance tends to be affordable. This is a specific type of

Life insurance for burial expenses. The death benefit is fairly low;

It’s often in the $10,000 range.

- Emily Guy Birken

https://www.thebalance.com/who-needs-life-insurance-2645793#toc-why-buy-life-insurance

Hayden Childs

Alabama Licensed Agent

(205) 269-1382

www.haydenchilds.net

“The grief is bad enough,

Don’t leave the burden

To your family!”

https://www.rememberingalife.com/

Comments

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