Who Needs a Life Insurance Policy?

Regardless of what chapter of life you are in and your financial status, the future is unpredictable. Preparing for any monetary ramifications resulting from an unexpected ailment or mishap is a wise choice. 

We understand thinking about life insurance is never a fun thing to do, but it is necessary. Especially if you have anyone who depends on your income or if you have any debt. Without a savings account or assets to sell, a life insurance policy is a necessity. For guardians, business people, and even young adults with neverending student loans, the guarantee of a death benefit from life insurance can give you some relief that your family or business partners will be secure. While everyone could probably benefit from funeral expenses at a minimum, we put together three categories of people who can most benefit from life insurance. 

Adults Who Have a Mortgage or Other Debt 

A mortgage, investment properties, car loans, and student loans are all debts that could transfer to children or next of kin. If you have debt or are married and one spouse makes a significant amount more money than the other, life insurance can help pay off these debts. 

Parents

Your children depend on your income to live until they become adults themselves. If something should happen to you as a parent, you will want to ensure your children are cared for financially, and a life insurance policy can do so. Also, if you are married and your spouse depends on your income to support the child or children, leaving them with no money on top of their grief could have devastating consequences. 

Business Owners 

Being a savvy business owner means planning for the future if something should happen to you. You can use life insurance to help fund any buy-sell agreements that would have to occur upon your untimely death. Also, if you have any critical employees unexpectedly pass away, your business can potentially suffer greatly. As a business owner, you can purchase a key-person life insurance policy to help you get by while replacing them. 

While not very glamorous, purchasing a life insurance policy can help give you peace of mind that your loved ones will not have to deal with any financial burdens should something happen to you. If you have any questions about life insurance or are interested in a life insurance quote, call Rumbaugh Insurance today.