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
“The grief is bad enough,
Don’t leave the burden
To your family!”
https://www.rememberingalife.com/
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