Are you alive?
All jokes aside, almost everyone needs life insurance. Life insurance gives you the peace of mind that only comes with knowing someone will be there to take care of your family in the unfortunate event of your death.
Obviously, anyone who is considered the “breadwinner” of the family needs life insurance. If your family relies on the money you earn, then you need a policy that will cover that loss of income. More than that, the policy can cover your final expenses, including any remaining medical bills or debts, and even your mortgage. You want to be sure your family doesn’t have to deal even more difficulties on top of your loss.
If you’re a stay-at-home parent, you need life insurance. According to Salary.com1, the estimated annual income for a stay-at-home parent is $162,581. Moms and dads are chefs, housekeepers, chauffeurs, and teachers all rolled into one. If you’re no longer there to provide those “free” services for your family, those turn into out of pocket expenses. A life insurance policy means you can know that your children will be cared for in the same way, without even more stress on your partner.
Here are a few more things you may not have thought of that life insurance can cover:
- Final expenses
- Medical bills for a terminal illness
- Estate or inheritance taxes for high net-worth individuals
- Child support for a divorced parent
- Business owner’s debt
- Co-signed debt
The most important thing life insurance provides in peace of mind. Of course, no one wants to think about what will happen in the event of their death, but knowing that you have a plan in place for your loved ones will give you the relief and security you deserve.