by Martin Menke | Product Sales & Conservation Consultant
More than one out of three people who say that they need life insurance have not purchased coverage.* Are you one of them? Or maybe you purchased a policy, but you haven’t checked to make sure it is going to cover your needs. Whatever your personal situation, this September, Life Insurance Awareness Month, offers the perfect opportunity to review common life stage needs.
Most single people don’t have anyone that depends on them financially and may feel they don’t need life insurance. However, many single people still carry debt, such as student loans, auto loans, or even a mortgage. If something were to happen, who would have to pay for these debts? If these loans have a co-signer, or if you share a monthly payment with someone, those debts become their responsibility. Owning life insurance can relieve that burden.
If you’re young and healthy purchasing life insurance now will probably get you the best rates due to your insurability.
Many times a married couple may think they don’t need life insurance until they have children. But what would happen if one of you were to die tomorrow? Would your spouse’s income be enough to pay shared debts and monthly expenses?
At this point in life, it is also critical to consider final expenses. It may be needed soon, or farther down the road. In either case, it is important to plan because most people do not have the money in their bank accounts to cover it. The foresight is often appreciated by your loved ones.
Most people start thinking about life insurance at this stage of life. The family may depend on two incomes and if one of you should suddenly pass away could the family continue to live the life style they do today? Could your spouse afford to stay in their home? What would happen to your plans for the future, such as college for the children? Life insurance can help make sure your dreams and promises don’t die when you do.
Being a single parent comes with even more responsibility than if you were married. You alone are the caregiver and probably do everything from cooking to chauffeuring the kids to activities. Safe guarding your children’s future with life insurance is the right thing to do and can make sure your children get to take advantage of life’s future opportunities if you’re not here to provide for them.
The kids are gone and on their own, but that doesn’t mean you no longer have a need for life insurance. Other things, such as funding retirement, purchasing a new home or vacation home, traveling with your spouse, or leaving a legacy to your children or grandchildren are now your focus. Life insurance can provide the funds to allow your spouse to maintain the standard of living you’ve worked so hard to achieve now and into retirement.
Your paycheck has stopped and you are now going to live on the funds you have accumulated over your lifetime. Owning life insurance can allow you to maximize your income and still leave a legacy to your loved ones. It can also provide funds to pay potential estate-tax after you die along with other debts and funeral costs without having to liquidate other assets.
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Call 877-935-2467 to speak with a Western Fraternal Life Representative.