Does everyone need life insurance?

Does everyone need life insurance?

Life insurance isn’t just for the wealthy or those with mortgages. But is it really for everyone? 

No matter your age or where you are in life, it’s worth learning about your options and the potential benefits of securing a policy.

Still unsure? Here are five different scenarios (you can probably relate to at least one) along with insurance options for each:

Are you young and single?

If you’re just starting out on your own, life insurance may be very affordable and easy to obtain. It’s wise to start thinking about coverage now, especially if you’re planning to buy a home or want to build wealth. Consider whole life insurance — it grows cash value that you can tap into during the course of your lifetime.

Are you married with no kids?

If you’re married but don’t have dependents, life insurance can still help. Your spouse will be in a better position to carry on the same quality of life, and this policy can also help cover your debts should you pass away.

Are you married with children?

Once you have children, life insurance becomes more important. It can help fund your family’s needs should something happen to you. You can establish a trust, which gives you control over how the funds are spent.

Are you a careful planner?

Life insurance can be a valuable investment in funding your estate plan. You can leave behind funds for specific goals, such as funding a child’s college education or contributing to a charity.

Are you a business owner?

Life insurance can help provide your family with the means to cover any of your company’s outstanding debt. It can also help heirs retain ownership of a family business by buying out partner shares.

Still uncertain about the value of life insurance? Get in touch to discuss the potential benefits of adding coverage.