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Who Needs Life Insurance?

Who Needs Life Insurance?

Most people think that only people with children need life insurance but that just isn’t the case.  It is important that anyone who depends on you has the financial means to carry on without you.  What is known as a death benefit can cover your funeral costs, living expenses and even college funding.  No one wants to think about what happens to their family after they die, but it is important to think about protecting their futures even if you are not around.

This means setting down some time when you can imagine a worst case scenario.  Consider how your family will pay for medical bills, taxes, debts, lawyer fees and any other expense you can imagine.  It doesn’t matter if you are old or young, single or married, have children or do not, life insurance may figure into your plans no matter where you are in your life.  Anyone can be left with end of life costs that someone will be responsible for.

As a breadwinner for your family (whether that is your parents, kids, spouse, or any one that depends on you) you need to consider life insurance.  What would happen to your family if they could no longer pay for financial obligations?  Even if your spouse is working, there might not be enough money to pay off car loans, credit card debt or a mortgage.  Children compound the reasons to purchase health insurance because it is expensive to raise a child.

If you are a stay at home parent, it is still integral to have a life insurance policy even if your financial contribution is not in the form of a check every two weeks.  Costs that would exist without your contribution would be childcare, transportation, cooking, cleaning all of which are severely underestimated.  If you were unable to assist your family with these duties, would they be able to pay for them?

Besides taking care of your family, life insurance can also protect your business.  A life insurance policy can be structured to fund a “buy-sell” agreement, which provides an exit strategy for your family’s interest in your company.  Your family will be able to sell your share of any business for the proceeds of the life insurance bought for you by your business.  If you are considering purchasing a life insurance policy or need someone to talk to about what payouts you will need to protect the people you love, contact a dedicated insurance specialist at Wise Insurance Agency in San Rafael.

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