›› Life Insurance
Many people find
themselves wondering if they need life insurance or if they have enough
life insurance. How do you know? Generally, if someone has a financial
need and they depend on you to meet their need, you should consider
life insurance to help protect them if you can’t. Life
insurance will continue to provide for those needs even after your
death. It can help meet daily living expenses, housing and education
expenses for your family. Life insurance benefits are not taxable by
federal income tax.
Most people need life insurance. Many married couples depend on two
incomes to make ends meet. Losing one income can have a devastating
impact on lifestyle. Having life insurance can minimize that impact.
Single parents also need to consider having life insurance. The single
parent has a huge responsibility. Even more that others, you should
have life insurance to safeguard your children and make sure that they
will be financially taken care of if you no longer can.
Sometimes, people are a stay-at-home mom or dad. Because they do not
bring an income into the home, they feel that life insurance is not
important for them. Consider the financial impact you have in the
family. If you were not around, childcare, cleaning, transportation and
other care giving activities would have to be taken care of with paid
household help and childcare. Would your partner be able to afford this
in your absence with out the benefit of life insurance?
Life insurance is also important even once your children are grown or
you are retired. Life insurance allows you to leave money available to
take care of the expenses you leave behind so your family does not have
a financial hardship to face in addition to the personal loss of your
presence. For those who own a business, having life insurance can
insure that the business is able to keep alive even in their absence.
Even single people can use life insurance. For the single person, life
insurance can pay off debts or help aging family members with their
expenses.
Life insurance comes in many forms. Some are designed as investment
plans. Some are term plans that expire after ten, fifteen or twenty
years. The monthly cost on each plan will vary based on your age and
medical history as well as the type of plan. A life insurance agent can
help you choose the plan best for your needs, medical condition and
budget.
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A Healthy Dose of Good Advice
