Are You Married?
Most families depend on two incomes to make ends meet. If you died suddenly, could your family maintain their standard of living on your spouse’s income alone? Probably not. Life insurance term life or permanent makes sure that your plans for the future don’t die when you do.
Are You a Single Parent?
As a single parent, you’re the caregiver, breadwinner, cook, chauffeur, and so much more. Yet nearly four in ten single parents have no life insurance whatsoever, and many with coverage say they need 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.
Are You Single?
You single folks typically don’t need term life or permanent life insurance plans because no one depends on you financially for the most part. But there are a few exceptions to this rule. For example, some single people provide financial support for aging parents or siblings. Others may be carrying significant debt that they wouldn’t want to pass on to family members who survive them. Or if you have a history of disease in your family that strikes in the earlier years you may want to purchase a good convertible 20 – 30 year level term life insurance plan to guarantee your insurability, in case you are stricken with disease or illness. If you’re in these types of situations, you should own life insurance because you wouldn’t want your loved ones to be burdened financially in the event of your premature death.
Are your Kids out of the home and you have no Mortgage or debt to speak of?
As time marches on, your need to get information on life insurance coverage term life or permanent may seem to subside. But just because the kids are through college and the mortgage is paid off doesn’t necessarily mean that Social Security and your savings will take care of whatever lies ahead. If you died today, your spouse will still be faced with daily living expenses. What if your spouse outlives you by 10, or even 30 years, which is certainly possible today. Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you worked so hard to achieve? And would you be able to pass on something to your children or grandchildren? The information on life insurance coverage that you read in this paragraph basically is saying don’t give up the coverage just because. A great option might be to look at a Life Settlement if you truly don’t need the Term Life, or Permanent life insurance coverage.
Are You a Small Business Owner – Entrepreneur
Besides taking care of your family, life insurance can also protect your business. What would happen to your business if you, one of your fellow owners, or perhaps a key employee, died tomorrow? Life insurance can help in a number of ways. For instance, a life insurance policy can be structured to fund a “buy-sell” agreement. This would ensure that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. That way, the owners get the business and the family gets the money. To protect a business in case of the death of a key employee, “key person insurance,” payable to the company, provides the owners with the financial flexibility needed to either hire a replacement or work out an alternative arrangement.
Are You Retired or Planning on Retiring Soon?
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 (up to 48% of your estate depending on your state). The proceeds of a life insurance policy are payable immediately, allowing heirs to take care of estate taxes, funeral costs, and other debts without having to hastily liquidate other assets, often at a fraction of their true value. And life insurance proceeds are generally income tax free and can be arranged to avoid probate. Finally, if your insurance program is properly structured, the proceeds from your life insurance policy won’t add to your estate tax liability.
In Conclusion, I hope you found the information on life insurance whether it be a term life insurance or permanent life insurance plan that you were looking for.-Please browse other sections and topics of my website, maybe the answer is there. Below you will find a few links to my favorite and most trusted web resources for quotes, rates, and to get more information of life insurance if needed. You can always send me an email I would be happy to help.