082832 Who Needs Life Insurance?

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 your 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

I Still Make House Calls.

Contact Me Today.

Hayden Childs

Alabama Licensed Agent

(205) 269-1382

www.haydenchilds.net

“The grief is bad enough,

Don’t leave the burden

To your family!”

Comments

022823 The 9 Benefits of Whole Life Insurance...

(1) Provide for Loved Ones… It’s the basic need everyone thinks about. You have a young family. You are the major breadwinner. Something happens to you. How is Your family supposed to make ends meet? It’s a form of protection. Peace of mind. (2) Key Man Insurance… You and your partner own a business. It’s grown. Many employees Depend on you. If something happens to your partner, it’s likely their Spouse or family will inherit their share of the business. Cash would Be a lot more useful to them. Life insurance on both partners can Provide the cash to buy out heirs and keep the business intact. (3) Emergency Loans… Hopefully your client lives a long life. The whole life policy accumulates Cash value, eventually growing to the full face value, or beyond. Many Policies allow you to borrow money against the cash value. You would pay interest. (4) Funding Estate Taxes… Your client owns a farm. I...

090921 Those Dying From Covid-19 Are Least Likely to Own Life Insurance...

Many companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. fatalities As the number of U.S. corona virus deaths surpasses 200,000, public-health experts point to a series of missteps and miscalculations in the country's response. Here’s a look back at how the U.S. became the center of the global pandemic. Sept. 28, 2020 5:30 am ET U.S. life insurers are paying out far fewer Covid-19 death claims than initially expected, largely because the virus is disproportionately killing people with little to no insurance. In the past few weeks, many life-insurance companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. Covid-19 fatalities. Estimates have come down by an average of 40% to 50%, according to Credit Suisse stock analyst Andrew Kligerman. Driving the rapid reduction in exposure are two groups… older Americans and minoriti...

080822 Less Common Life Insurance Needs

On top of the most common reasons for buying life insurance, It can help cover some less common needs. These could include… *Insuring Children Buying a policy on a child can ensure that the family will financially Survive the loss of the child, but keep in mind that such a loss is Fairly unlikely. It can also ensure the child’s ability to qualify for life Insurance in the future. That could be helpful in the case of a health Diagnosis that might make it harder to pass the underwriting process. *Replacing Retirement Benefits Life insurance is often marketed as income replacement for an Insured person during their working years, but some retirees may Choose to keep theirs after leaving work. It can be used to replace The loss of any retirement income for their spouse or any dependents. *Investment Permanent life insurance can provide you with a potential income Source. You can access your cash value once it has buil...

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