Life Insurance Provides Cash When It’s Needed Most
Life insurance is important because it gives your family choices. It provides financial benefits for a host of expenses — such paying off debts, meeting housing payments and ongoing living expenses, and helping to fund college educations for your children or grandchildren, to name a few. In short: it is a much-needed resource if your death could impose a financial hardship on your loved ones.
We all have different events throughout life that could make us reconsider our priorities. That’s why it’s a good idea to start with coverage that fits your current needs. You can always increase the benefit later as life changes and you have more on the line.
Following are a few situations to consider:
You’re just got married: This is when you start thinking about long-term financial security. If one of you were no longer around, would the surviving spouse be financially secure? Would there be enough to cover funeral expenses, credit card or other debts? If not, life insurance can help bridge this gap.
You have children: You want to protect your family and make sure expenses, including education, are taken care of. Even if the surviving spouse works, would that income be enough to cover the loss of your salary?
You own a home: An outstanding mortgage could be a burden to your grieving spouse. A term life insurance policy is a good way to pay off the mortgage and other debts should something happen to you.
You’re retired: Perhaps you are caring for grandchildren or a disabled child. Or, should you die, your spouse could outlive you by 10 or 20 years, or more. Is there enough in your nest egg to make sure your dependents are covered?
You’re single with kids: You’ll most likely you still have some financial responsibilities, such as paying off credit card or college debt or helping out your older parents. Life insurance can be very affordable when you’re young, and it’s a great way to boost your financial plan.
When it comes to life insurance, different life stages call for different needs. A Farmers Insurance representative can design a no obligation assessment, customized to meet your current and future goals. We are 100% committed to providing you a with comprehensive personalized coverage plan that suits your needs — for life insurance, home, auto or business. For more information, give us a call today.