Who Needs Life Insurance?

Who Needs Life Insurance?

Who needs life insurance? If someone else would be effected by your death or they depend on you in any way financially, you need life insurance.

Most people need life insurance. To determine if you need life insurance, you should consider the worst-case scenario. If you died today, how would your family, loved ones and business associates fare financially? What would the economic impact be on them?

Who would pay for your final expenses? (i.e. funeral costs, medical bills, taxes, debts, lawyers fees, etc.) Would your family be able to meet ongoing living expenses? (i.e. rent or mortgage, food, clothing, transportation costs, healthcare, etc?) How would your children pay for their education? What about your loved ones financial goals? (i.e. retirement) How would your business survive without you?
Final expenses, daily living expenses, mortgage payments and college savings are often mentioned in analyzing needs, but something often overlooked is inflation and taxes. Since there is no federal income tax on life insurance benefits, if they are paid directly to the heirs, it can offer a huge living benefit as well.

Something often overlooked is the living value of life insurance. While you are alive, permanent or whole life insurance cash values can be accessed for loans, income, critical illness and other needs.

Losing someone you love is always difficult, but emotional struggles don't have to be compounded by financial difficulties. Life insurance secures your loved ones future.
Life insurance provides tax-free cash benefits, in most cases, to your heirs after your death. This cash (known as the death benefit) can help to replace your income and can secure your family's financial needs.

Are you ready to apply for life insurance? Call Barry Page at (228) 875-5545.