Who Should Buy Life Insurance?
August 31, 2021 | Tom Peterson
Life insurance can be an intimidating topic. And if you’re young and healthy, it’s easy to put off. But it’s a good idea to buy life insurance plan before you may need it. There are many different benefits that will help if something should happen to you or a loved one.
If you’re unsure about where to start, learn the basics about the different life insurance plans and download our free life insurance e-book.
Who Should Buy Life Insurance?
Here are a few examples of people who should consider buying life insurance. If you’re among these, give us a call to discuss your needs and options!
- Parent with minor children: If a parent dies, the loss of their income or caregiving skills could create a financial hardship. Life insurance can make sure kids have financial resources until they can support themselves.
- Parents with special-needs adult children: For children who will require lifelong care, life insurance can make sure their needs will be met after their parents pass away.
- Adults who own property together: Married or not, if the death of one adult would mean that the other could no longer afford loan payments, upkeep, and taxes on the property, life insurance may be right for you.
- Elderly parents who want to leave money to adult children who provide their care: Many adult children give time and energy to care for an elderly parent who needs help. This help may include direct financial support. Life insurance can help reimburse the adult child’s cost when the parent passes away.
- Young adults whose parents incurred private student loan debt or cosigned a loan for them: Young adults without dependents rarely need life insurance, but if a parent will take on a child’s debt after their death, the child may want to buy life insurance to cover that debt.
- Young adults who want to lock in low rates: The younger and healthier you are, the lower your insurance premiums. A person in their 20s might buy a policy without having dependents, if there is an expectation of having them in the future.
- Wealthy families who expect to owe estate taxes: Life insurance can provide funds to cover the taxes and keep the full value of the estate intact.
- Families who can’t afford burial and funeral expenses: A small life insurance policy can provide funds to honor a loved one’s passing.
- Businesses with key employees: If the death of a key employee, such as a CEO, would create a severe financial hardship for a firm, that firm may have an insurable interest that will allow it to purchase a life insurance policy on that employee.
Whether you are a young adult, married, single, or have a family you love, or any other situation, life insurance will provide you with the reassurance that your loved ones will be covered. Contact Twin City Underwriters to get started today.
Choosing a life insurance plan can be difficult. Working with an insurance broker can help you find a plan that fits your needs. Schedule a one-on-one meeting with one of our life insurance brokers to get your insurance questions answered!
