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

Get Your Free Quote

Who Should Get Life Insurance?

Purchasing a life insurance policy can help protect your loved ones financially in the event that you pass away and are no longer able to provide for them. If you have financial responsibilities and are wondering whether or not you should purchase life insurance, review the helpful guide below.

Deciding on a Life Insurance Policy

Whether you have children who depend on you financially or are the caretaker of an older parent, a life insurance policy can help ensure they are financially cared for if you pass away unexpectedly.When deciding if you should purchase a life insurance policy, consider whether any of the following applies to you:

  • Your spouse depends on your income
  • The well-being of your family would be negatively affected if your income disappeared
  • Other family members depend upon you financially
  • You’ve accrued a large amount of personal debt
  • You want to invest in an education fund for your children
  • You have a mortgage 
  • You own a business
  • You’re in the midst of planning your estate

If you answered yes to any of the items on this checklist, you might want to consider purchasing a life insurance policy.

Types of Policies 

There are two main types of life insurance: term life and permanent life.

  • Term life insurance policies provide coverage for a predetermined amount of time (usually up to 30 years). If you die while the policy is in effect, you're beneficiaries will receive a death benefit. If you outlive the term of your policy, your beneficiary will not receive a payout.
  • Permanent life insurance policies provide coverage for your entire life, as long as your premiums are paid. Permanent life insurance policies also accrue cash value that serves as an investment component.

Get a Quote

Connect with a licensed agent at 800-966-7169 to get a quote today.

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

---------- 

Source:

Investopedia: http://www.investopedia.com/terms/l/lifeinsurance.asp?lgl=myfinance-layout

 

*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 I Need Life Insurance If I Have No Dependents?

You may not have any dependents, but you still should get life insurance. Here's how a policy can be beneficial for you.

Read More

Who Gets Your Life Insurance Payout?

The person or entity that you name as beneficiary on your life insurance policy contract will receive the death benefit proceeds when you die.

Read More

How Joint Life Insurance Protects Your Finances

Joint whole life insurance could be a great option if you are married. Learn how this type of plan benefit your family.

Read More

Who Needs Life Insurance?

Here are some guidelines to help you determine if buying a life insurance policy is the right choice for you.

Read More

Is Life Insurance Important? 9 Benefits of Buying a Policy

Is life insurance important? Here are nine important reasons why you should consider purchasing a life insurance policy.

Read More

Do I Need Life Insurance?

People with dependents have the greatest need for life insurance, but a life insurance policy can be a useful tool for anyone.

Read More

Understanding Life Insurance Basics

Considering life insurance? Learn the basics with this comprehensive guide.

Read More

Do You Have To Have Life Insurance With A Mortgage?

You aren't required to have life insurance to get a mortgage, but having a life insurance policy while you are making mortgage payments could be beneficial.

Read More

Who Should Buy Life Insurance and Why?

Life insurance pays money to beneficiaries after the death of a policy holder. Who should buy life insurance and how can the benefits be used?

Read More