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
“The grief is bad enough,
Don’t leave the burden
To your family!”
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