Do I Need Life Insurance?
If something happens to you, your loved ones don’t just lose you—they also lose your income, on top of everything else you provide. If you provide financial or caregiving support to someone, it’s essential to make sure they would be taken care of if they lost you.
What Category Do You Fall In?
Homeowners
A mortgage will probably be the largest debt you ever take on, and you wouldn’t want to leave your cosigner or family members stuck with it. If you own a home, consider life insurance coverage that lasts at least as long as your mortgage. Here’s what else homeowners should know about life insurance.
Parents
According to the USDA, it costs about $234K to raise a child, without even considering college tuition. If you own life insurance at the time you pass, it can help ensure your children will have financial support to grow and live the life you want for them. Learn more about life insurance for parents.
Stay - at -home - parents
Even if you don’t provide an income, you likely provide a measurable value to your family that they would have to replace if you passed away. Salary.com found that stay-at-home parents contribute the equivalent of a $162,000 annual salary to the household. A life insurance policy will ease the financial burden on your partner.
Business Owners
You’ve put a lot of work into building your business. Life insurance coverage can help ensure that your business could continue operating if something happened to you.
Caretakers
If someone depends on you, like an elderly parent or family member with a disability, what would happen to them if you weren’t around? You may want to consider coverage to make sure they’d be taken care of.
Retirees
It’s natural to have concerns about covering your final expenses if you’re at or approaching retirement age. A whole life insurance policy can help cover these expenses, giving you and your loved
ones valuable peace of mind.
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