Life insurance isn't just for parents of young children. It's a valuable resource for almost anyone. Before you dismiss this valuable resource as irrelevant, consider several factors that determine when you need to consider buying a life insurance policy.
You Need a Funeral
The National Funeral Directors Association calculates that the average adult funeral costs $7,095. By purchasing a life insurance policy, you cover that expense and give your survivors one less thing to worry about paying.
You Have Debt
After you die, certain debts, including your student loans, mortgage, credit card balances and unpaid medical bills, have to be repaid with assets from your estate. Money from your life insurance policy can cover these obligations and reduce the financial burden your family faces.
Your Financial Resources are Limited
How much money do you have saved in bank, retirement or investment accounts? If those resources aren't enough to pay for your survivors' daily living expenses, purchase adequate life insurance and provide for your loved ones' needs.
You're Getting or Already are Married
If you could continue providing financially for your spouse even after your death, would you? Then buy life insurance. It offers extra funds that cover living expenses, and it shows your spouse how much you really care.
You're Someone's Primary Caregiver
Whether you care for young children or aging parents, purchase life insurance. The funds provide the care your loved ones need.
Your Loved Ones Have Long Term Needs
Of course you can't see into the future, but you can plan for the long term needs your loved ones will face, including college, medical treatment or housing. With a life insurance policy in place, you provide for your family long after you're gone.
While life insurance is beneficial, it's not a requirement. If your children are grown, your mortgage and debts are paid, and your spouse had adequate financial resources for a comfortable retirement, you may not need a life insurance policy. However, strongly consider purchasing a policy if your survivors need this financial resource.
Talk to your insurance agent today about how much life insurance you need and available policy options that give you peace of mind and protect your loved ones now and in the future.