Do I Need Life Insurance

Life insurance is designed to help ensure that your loved ones will be financially secure.

A life insurance policy covers your family and loved ones in the event of your death, paying out a guaranteed death benefit based on the coverage you choose. Life insurance policies fall into two general categories - term and permanent, and each of these policies can be augmented to help fit your specific needs.

Do I need life insurance?

If you have anyone who depends on you financially, then you most likely need a life insurance policy.  If life insurance is about protecting what and who you love, then anyone that fits one of these categories may want to consider a policy:

  • You're married.
  • You have a domestic partner.
  • You have a spouse and kids.
  • You're single with kids.
  • You have a home.
  • You own your business.
  • You have student loan debt.
  • You're retired.

What can life insurance be used for?

Life insurance policies can help protect the important people in your life from financial struggle if you were to die prematurely. These are the most common uses of life insurance:

  • Paying for funeral expenses and medical bills
  • Covering mortgage payments and rent
  • Paying off outstanding debts that include student loans, credit card bills and car payments
  • Paying for childcare costs if you're a stay-at-home parent or a parent who must enter the workforce
  • Saving for college tuition expenses for your children
  • Contributing to an inheritance for your children or a retirement account for your partner

When should I buy life insurance?

Life insurance is suitable for most people regardless of age or situation. However, it's often suggested that you should consider buying life insurance early - maybe even before you think you need it. The reason for this is that age is a key factor in the cost of your premiums. The older you are, the higher your premiums are likely to be. Of course, other factors are taken into consideration, but if you are young and healthy, there may not be a better time to purchase your first life insurance policy.

Help protect your family with Life Insurance!