life stage decisions
All life stages
Most people, like you, think that life insurance is too expensive to be practical for the average person. The truth is that life insurance can be one of the most affordable types of insurance available. In many cases, a properly selected Term Life Insurance policy will provide the coverage needed at premiums that can accommodate even the strictest of budgets.
Single with No Children
Many young, single individuals think “I'm single and don’t have children, so I don't need life insurance.” This may be true for your situation; however, you may be failing to consider future events and less obvious dependents. Perhaps your parents are approaching retirement age, but are growing increasingly dependent on your earnings to help supplement their income. Often parents have trouble living on a fixed budget in their later years due to inflation and longer life spans. Obtaining life insurance when you are young allows you to plan for the future and lock-in the best possible rates.
Starting a new life with the person you love is an incredible feeling. You have decided to commit to another individual and share a life together. Along with the wonder of the relationships comes a new financial responsibility to your partner. What would happen to your partner if an accident occurred? Fortunately, young adults often secure the best rates for life insurance and purchasing a policy protects not only your spouse, but your children in the future as well.
Having children is one of the greatest joys in life. As a parent, we know you worry about your children’s future and their ability to reach their goals and dreams. It is hard to even imagine limiting your child’s ability to shoot for the stars. Life insurance is an exceptional method to protect your child’s future should something happen to you. Leaving your children with the ability to continue to live in the house for which you worked so hard, attend college, travel, and have the financial freedom for an wonderful life is one of the most important protections you can provide as a parent.
Older Adults and Grandparents
As the years go by, you may feel your need for life insurance has passed. Even though the big ticket items like the mortgage and college education may be out of the way, that doesn’t mean that Social Security and your savings will be enough to take care of whatever lies ahead. If you died today, your spouse will still be faced with daily living expenses. What if your spouse outlives you by 10, or even 30 years? Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you worked so hard to achieve? Lastly, would you be able to pass something on to your children or grandchildren?