If anyone depends on you financially, you probably need life insurance. Here are some examples of the specific life stages or life events that might trigger the need for life insurance.
Married or Getting Married
Many families depend on two incomes to make the ends meet. If you died today, would your spouse have enough money to cover funeral costs? How about credit card balances, outstanding loans or just the daily living expenses?
A Parent or About to Become One
Raising a child is one of the most rewarding things a person can do in life. But it’s also one the most expensive. If you died today, would your spouse have the ability to provide your children with the opportunities you always dreamed they would have? From diapers to diplomas, would there be enough income to pay for daycare, or college and everything in between? Even parents who don’t work away from the home need life insurance because they provide services that would be expensive to replace such as daycare, transportation and managing the household. What about single parents? They need life insurance more than anyone because their children rely on them for everything!
If you are like most folks, your home is your largest financial asset. Life insurance could provide the funds necessary to help family members maintain the lifestyle which you wanted for them. It can be used to pay down or pay off the mortgage, sparing your family from having to move and uprooting your children from schools and friends.
If you’ve recently been promoted or changed jobs…congratulations! Now is a great time to re-evaluate your life insurance coverage. Why? You may not realize it, but when your income rises, your spending tends to rise as well. Updating your life insurance can help ensure that your family would be able to maintain the new standard of living. Plus, when you change companies in most cases, your insurance does not follow you.
Retiring or Planning for Retirement
If your children are on their own and your mortgage is paid off…again, congratulations! You may feel that your need for life insurance has passed. But if you died today, your spouse could outlive you by 10, 20, 30 years or more. Would your spouse have to make dramatic lifestyle changes to make ends meet? Adequate life insurance coverage can help widows and widowers avoid financial struggles in retirement. Single Most single people don’t think they have a pressing need for life insurance because no one is dependent on them financially yet. What if you are providing for aging or ailing parents or siblings? What would happen to them if you died today? What about your retirement? Life insurance done right can help support you in retirement. What if you are not always single? Insurance cost will be more expensive tomorrow than they are today. If all of this sounds daunting or stresses you out…don’t worry… we can help. Give us a call or visit our office to set up a Free Farmers Friendly Review. We’ll go over all or your insurance needs and help you determine the right amount and the right type of life insurance for your needs.
Jeffrey Clarke, Farmers Insurance 202 S Coleman St Ste 200, Prosper, TX 75078-2722, 469-5257407 (Office), firstname.lastname@example.org, http://www.farmersagent.com/jclarke2