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Do I Need Life Insurance?
To answer this question, it’s important to really examine how life insurance could help your family. Life insurance is actually one of the most important financial planning decisions you can make during your lifetime. Instead of thinking about the monetary value of life insurance, think about what a life insurance payout could mean for your family should you pass away unexpectedly. You will quickly understand that it translates to security and peace of mind.
Life insurance provides a financial umbrella that protects and provides for your loved ones during an incredibly difficult time in their lives. The life insurance death benefit can give them the money they need to pay off the mortgage on their family home, cover debts, provided for day-to-day expenses, and even pay for long-term plans such as college costs. Life insurance is about more than money; it’s a simple way to provide for your family when you’re not around to do so. So why do people need life insurance? Put simply, to protect loved ones who would suffer financially without you.
Who Needs Life Insurance? The Majority of Adults!
It can be easy to think that only people with young dependents should maintain an active life insurance policy. There are many people who could benefit from life insurance coverage. In fact, most adults need to have affordable life insurance to protect their family from loss-of-life costs and to provide for their future. No matter your age, your marital status or parental status, insurance is an important safety measure to consider for you and your family's financial future. Think about how your unexpected death could put a financial strain on your family; it could be as simple as finding the funds to pay for funeral costs or to cover bigger expenses such as paying off debts. Identifying how you provide for your family now and what you’d like to provide for them in the future is the best way to see how life insurance could help your family.
Life insurance protects your family from having to find the money to cover your end-of-life expenses such as funeral costs and replacing your income. To help you visualize what life insurance benefits your family could experience, we’ve created a range of detailed life scenarios below to show how the payout of life insurance coverage could be a valuable resource - regardless of your current life circumstances.