Life Insurance . . . Who Needs It?
Let’s talk life insurance. It’s not a topic that often comes up around the dinner table, but it’s important to think about. Term life insurance provides the financial resources your loved ones need to carry on if something happens to you.
Ever wonder if term life insurance is something you really need? Well, you’re in luck – we’ve compiled a list of people who need it, like, yesterday. . .
The Kitchen Aid mixer, waffle maker, and stemless wine glasses you registered for are great. But do you know what’s even better? Peace of mind. Term life insurance will give your new husband or wife the gift of financial security if they lose the best gift of all (you)!
Think about how your spouse would pay the mortgage or cover funeral expenses if something were to happen to you. In that terrible situation, they shouldn’t have to worry about money on top of heartache.
Term life insurance is the most important gift you can give your new husband or wife. It’s a way for you both to know that your future is secure, even if the worst happens.
At this point, you’ve earned the right to relax. But if you passed away, would your nest egg be big enough to cover the cost of funeral expenses and any outstanding debts? Do you want to leave behind something more for your family?
This is the time of your life you’ve been working toward, so it’s important to have the right term life insurance policy. We can help you determine exactly how much you need so you can enjoy true peace during this season.
If you have kids, it’s vital that you have the right term life insurance policy in place. You’ll want life insurance on both mom and dad, even if one of you stays at home.
That’s because your responsibilities as a parent — including cooking, cleaning, carpooling and caring for children — have costs associated with them. The benefit you bring and the services you provide to the household are invaluable, and your family would take a financial hit if you were to pass away.
Anyone with Student Loans
If you’re one of the 45 million people in America who have student loan debt, you should purchase a term life insurance policy. And if you had a parent cosign your loan, or if they took out a Parent PLUS Federal loan, getting life insurance will protect your family from being saddled with your debt if you pass away.
If you’re single and your only financial responsibility is student loan debt, you should be covered with a policy equal to them amount of your debt plus funeral expenses. That way, your parents wouldn’t have to bear a financial burden on top of an emotional one.
. . . And Everyone Else
You don’t have a say in when your hourglass runs out of sand. What you do have a say in, however, is how much you leave behind for your loved ones.
Dave Ramsey recommends getting a policy of 10-12 times your annual income. This money is meant to replace your income, pay off any outstanding debts, cover funeral costs, and maybe even help fund college tuition or retirement for whomever you choose as your beneficiary.
If you fall into one of these groups (and you kind of have to, considering one of them is “everyone else”), get an instant quote. It’s easy, free, and you may just be surprised at how affordable peace of mind can really be!