We can all agree that food, water and shelter are the most important elements needed in order to sustain life. What comes next on that list? It’s life insurance. A policy isn’t a luxury item to be purchased only if surplus cash is available; it’s a vital protection for those you love.
If you haven’t yet opted for a life insurance policy, make this the day you do. Here’s a sampling of instances where life insurance makes a huge difference:
Homeowner – If you pass away, a life insurance policy can cover your mortgage. This would allow your family to remain in the home and eliminate stress caused by having to move due to financial strain.
Loans – If you are a cosigner on a loan, who is going to assume your portion of debt if something happens to you? A simple life insurance policy would allow this financial burden to be fulfilled.
Business Owner – Many businesses carry debt or the legal responsibly to buy shares back from the deceased partner’s estate. Unless you want to be business partners with their heirs, life insurance is used to fund the buy-sell agreement. The business would then use life insurance proceeds to buy the shares back from the deceased partners estate. This is a win-win for both sides.
Breadwinner -You are the sole provider for your family. If something happens to you, where does that leave them? If you opt for life insurance, income protection can ensure the lifestyle they are accustom to.
Stay at Home parent – The job of a stay at home parent carries with it an intangible value; after all, that person raises the next generation. Many households forget that there is a financial value this person brings to the table. If they were not able to take care of the children, clean, cook, or perform all the duties they currently do, it would have to be outsourced. By taking out a life insurance policy, quality child care can allow you to keep the same working hours and thus provide the same lifestyle for your family.
Guardian of a Special Needs Child – Special needs children may remain with a guardian over the course of a lifetime. When the guardian passes away first, having the policy in place that will ensure a high standard of care can make a huge difference.
Divorced parent – Child support that continues even after you’re gone? -It’s possible with life insurance. Show your child that even if something happens to you, you will still continue to support them.
Have questions for what type of protection is best for your financial needs? It’s important to talk with a knowledgeable life insurance agent. Contact Abbey Bowersox, CLU at W3 Insurance for a free review and quote: 727-522-7777 x150.