Life Insurance - People Who Need Life Insurance and Why
- Married People: Most families depend on two incomes to make ends meet. Life insurance makes sure that your family can maintain their standard of living if you died suddenly.
- Single Parents: You're the caregiver, breadwinner, cook, chauffeur, and so much more. With so much responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your children's financial future.
- Stay-At-Home Parent: Just because you don't earn a living doesn't mean you don't make a financial contribution to your family. Childcare, transportation, cleaning, cooking, and other household activities are all important tasks. Some surveys have estimated the value of these services at over $40,000 per year. Could your spouse afford to pay someone for these services?
- Anyone with a Mortgage: If you own a home and have an outstanding mortgage balance, you may need life insurance for the life of your loan, or close to it. Life insurance provides the freedom and flexibility for survivors to stay in a home, or sell it and purchase a new home.
- Retirees: Did you know that depending on the size of your estate, your heirs could be hit with a large estate tax payment after you die? Life insurance proceeds are generally income tax free and can be arranged to avoid probate. If your insurance program is properly structured, the proceeds from your life insurance policy won't add to your estate tax liability.
- Business Owners: What would happen to your business if you, or another owner or key employee died tomorrow? Life insurance can help in a number of ways. Business buy-sell agreements and key-person insurance are two ways in which a business owner can help protect themselves and their business from unforeseen events.
- Single People: Most single people don't need life insurance; but there are some exceptions. If you provide financial support for ageing parents or siblings; or if you carry significant debt that you wouldn't want to pass on to a surviving family member, you need life insurance.
Insurance products are not a deposit account or other obligation of any financial institution or any affiliate of any financial institution. Insurance products are not guaranteed or insured by any financial institution or any affiliate of any financial institution and are not insured by the Federal Deposit Insurance Corporation (FDIC). Insurance products, except in the case of Federal Flood Insurance or Federal Crop Insurance, is not insured by any federal government agency. There may be investment risk associated with an insurance product, including possible loss of value.
