What are the stages in life that you should consider getting Life Insurance?
Life insurance is used to protect loved ones who may depend on you financially in the event of your death. Examples may include:
- A Married Couple – If, as a married couple, you depend on two incomes and you were to pass, would there be enough funds to cover funeral costs, credit card debt or existing loans as well as day-to-day living expenses?
- Parents Raising Children – In today’s world, most families bring in two incomes. However, costs of living can still be very expensive should one income be lost. If you or your spouse were to pass away, could you continue your current standard of living on one income alone? Would plans continue for the future such as sending your children to college? Life insurance will help alleviate these concerns.
- A Single Parent – As the breadwinner and caregiver, chef and chauffeur, you have a lot of responsibility resting on your shoulders. Yet approximately 4 in 10 single parents have no life insurance. Life insurance, at this time, will help protect your children’s well-being should you pass away before they are capable of providing for themselves.
- A Stay-At-Home Parent – You may not earn an income, but it doesn’t mean that you don’t make a financial contribution to your family. Life insurance would take care of your family and its needs should your primary source of income be lost.
- Empty Nesters – You finally have the home to yourself! However, if you were to pass away, how would your spouse afford their daily living expenses? Without life insurance, would either of you be able to maintain your current lifestyle that you’ve worked so hard to achieve?
- Retirees – Did you know that the proceeds of life insurance are payable immediately? This will allow your heirs to take care of funeral costs, taxes on your estate, and other debts without having to liquidate assets at a reduced cost of their true value. In addition, life insurance proceeds are typically tax-free and won’t add to any debt that your heirs may owe.
- A Single Person – Usually, as a single person, you don’t need life insurance. However, if you provide financial support for aging parents or a family member with special needs, you may want to consider life insurance to help with the needs.
- A Small-Business Owner – Not only do you need to care for your family, but you have a business to protect as well. What would happen if you, your business partner or a key employee died? Life insurance can help in many ways such as a buy-sell agreement. This would allow the remaining business owner to purchase the company interest of a deceased partner at a previously agreed upon price with the funds from a Utah Life insurance policy.
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