Most of us underestimate the financial impact we would have if we died prematurely.
Life insurance is a topic that people occasionally steer away from, but it’s very important to discuss with your loved ones. We all know how important it is that a family’s breadwinner have life insurance to help ensure his or her loved ones are taken care of for years, but what about the other people in the family? Here are some surprising people who may need life insurance that you may not have thought about.
This is probably the toughest situation for people to think about, but even if your kids are young and healthy, it may make sense to take out life insurance on them. Not only can it help take care of burial costs should tragedy strike, but you can also add on riders that can provide protection if they get sick. Options will vary from policy to policy, so the smartest thing to do is talk to an insurance professional and nail down what your needs may be.
If you’re living the single life, then you may be inclined to think you don’t need life insurance because no one is relying on you financially. However, there are several reasons why you should still consider it. The first is that, should you pass away, no one will have to shoulder the costs for final expenses. Beyond that, you have a chance to build a legacy. Depending on the plan you choose, you can opt to leave money to beneficiaries. These can be people in your family, or even a charity that you strongly support.
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It’s true that homemakers don’t often bring in the bulk of a family’s income, but they are an essential part of the home’s structure. Homemakers act as a caretaker, tutor, cook, driver, and so many other occupations over the course of a given day. Should a homemaker pass away, not only will final expenses need to be taken care of, but all of those tasks will still need to be done. Kids will still need to be picked up from school, meals will need to be cooked, the home will need to be kept up, and that will all cost money. This is where a life insurance policy comes in. It may help your family retain a level of normalcy in the midst of your loss, and beyond.
Remember, life insurance helps protect your loved ones from any financial hardship that may befall them as the result of losing a loved one. And no one is above needing protection. If you need assistance protecting yourself or someone in your family, we can help!
Andrew W Bradley