Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Who Has the Greatest Need for Life Insurance?

Who has the greatest need for life insurance?

Who depends on you? Who would suffer financially if you were gone? Those are the kinds of questions at the heart of deciding how important life insurance is to you. Start by identifying your dependents and reviewing the financial impact of your death.

Life Insurance: Thinking Proactively

People who are raising young children have perhaps the greatest need for life insurance. If you were to pass away while your children are still dependent on you financially, they will need to be provided for. If your spouse is left to raise the children without your income, he or she may need help with the costs of childcare, food, clothing and other essential needs. As your kids age, the cost of college could also be financially formidable.  

You can measure your need for life insurance based on:

  • Your current and projected finances
  • Your partner’s ability to carry on if you and your income stream were no longer in the picture. 

After calculating those future needs, you’ll have a better idea of which kind of life insurance policy will work for you.

The Term Life Option        

Term life insurance can be an excellent option if your needs are likely to fluctuate. For instance, if you’re a single parent to young children, you know that in perhaps 20 or 30 years, they may not depend on your income as much as they do now. So why take out a whole life insurance policy when a term life insurance policy would give you the coverage you need at a more affordable price?  

The most important thing to remember when shopping for life insurance is that every person’s situation is unique, and a policy that may work for one person may not work for you.

Connect with a licensed agent who can help you explore your options by calling 1-800-966-7169.

 

-------------

Sources:

http://www.bankrate.com/calculators/insurance/life-insurance-calculator.aspx

https://www.nerdwallet.com/blog/insurance/what-is-the-difference-between-term-whole-life-insurance/

 

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Related Information

Do You Have Enough Life Insurance?

In order to determine your life insurance needs, you must first figure out how much money is needed to meet all future financial obligations.

Read More

The Minimum Age for Life Insurance and Other Considerations

There's no real minimum age for life insurance. Shop around to find the right life insurance policy for your needs.

Read More

How Long Should I Get Life Insurance For?

How long should you have life insurance for? There are three key indicators that can help you determine the answer.

Read More

Life Insurance Payout | Average Waiting Time

It could take as little as two weeks to receive a life insurance payout if the policy is simple. Find out what can affect payout times.

Read More

Life Insurance 101

Life insurance 101: How well do you understand your life insurance coverage?

Read More

Whole Life Insurance

Whole life insurance doesn't expire and accrues a cash value, making it a wise investment for many. but term life insurance is more affordable.

Read More

Life Insurance Overview

This life insurance overview will help you better understand your life insurance coverage. If you're looking for a policy, a licensed agent can help.

Read More

What Is Life Insurance

Life insurance is insurance that pays out a sum of money upon the death of the insured person. Common types include term life and whole life.

Read More

Life Insurance in Your State

Do you know the insurance laws in your state? Don't buy a life insurance policy before you read this.

Read More