The sad truth is that people die, and usually death comes unplanned and unexpected. If there is someone who will suffer after your death, it is definitely a good idea to take care of proper life insurance to provide funds for your family. This so called “death benefit” comes with financial help in case you died and provides money for expenses such as funeral, daily life, college. Life insurance benefits are not taxable.
If you are still not convinced, here are more arguments.
Married people without kids need it
If you think that you do not need insurance because you do not have kids, you are wrong. Living on two salaries is sometimes difficult, what would happened if you suddenly died? What about loans, mortgages, bills and other expenses? Would it be possible to pay everything off with only one salary?
Married people with kids need it
If you do not want to leave your family with huge debt and many unfulfilled dreams and plans, you should definitely think in advance. No one knows what can happen tomorrow so it is highly recommendable to have life insurance to provide for your family’s financial security.
Single parents need it
Being a single parent entails large responsibility. Many single parents do not think about life insurance even if they know that they are the only person who provides for their child. What happens if they suddenly die? It seems obvious that good life insurance is just necessary in such cases.
Stay-at-home parents need it
Not only money counts. Stay-at-home parents are very often underestimated, but in fact, their contribution to the household’s finances is huge even if it does not mean “making money”. Life insurance is a perfect solution for families who need to feel financially secure.
Parents of adult children need it
You have been working for all the best for your family throughout your whole life, and now when you know that loans and mortgages are paid off, children are already self-reliant and you have all you need to have, you start thinking: what for do I need life insurance now? Actually, there is still such a need. If you suddenly died, your spouse may need financial help so as to maintain the present quality of life you have worked for so hard.
Retired people need it
Think about your heirs. Do you know that estate tax payment can be as high as 45% (depending on the size of your estate). As life insurance is paid immediately, it will provide all necessary funds.
Small business owners need it
How can life insurance help your business in case you died? It can fund a buy-sell arrangement, thereby, the remaining owners have money to buy your company’s interests – the owners receive the business, the family receive money. You can buy a key person insurance if your want to provide the other owners with financial flexibility to employ a replacement or find other solution.
Some single people need it
If you are single, but you help your parents or siblings you may need to think of life insurance. Besides, if you have some debt and you do not want them to pay it off after your death, you need to provide funds for this purpose.