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Who Needs Life Insurance?

If anyone in your life depends on you for either financial support or domestic help, you may need life insurance protection. Below are some of the top instances in which life insurance can be beneficial — and even crucial — to your loved ones’ quality of life after you pass away.

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6 Reasons You May Need Life Insurance

Your personal need for life insurance will vary based on a number of factors. You may want to consider buying a life insurance policy if any of the following six situations apply to you.

1. You’re considering starting a family

2. You already have a family that depends on you financially or in other ways

3. You plan on buying a home or you have a mortgage, car loan or other debts

4. You are a working spouse who contributes a substantial financial amount to your household income

5. You own a business or are a business partner, and people rely on you for operational and financial needs

6. You’re elderly and don’t have other reliable means of paying for final expenses such as funeral and burial costs

How Do You Know How Much Life Insurance You Need?

The amount you need for life insurance can change depending on the stage of life you’re in and the responsibilities you have to others. Thankfully, there are various types of life insurance plans designed to meet a wide variety of needs. When you buy life insurance, carefully consider these three factors.

  • Why do you want life insurance?

How you plan to use your life insurance benefit will help determine the type of coverage you need. Are you simply looking to protect your family or dependents? Are you looking for a policy that also offers cash value or an investment component?

  • What is your financial situation?

Figure out how much coverage you need now and how much you’ll need in the foreseeable future. Then, determine what you’ll be able to afford. Remember that the younger and healthier you are when you buy your policy, the less expensive your life insurance premium rates will likely be.

  • When do you need life insurance the most?

Determine when and for how long you need coverage in order to properly protect your family and their future.

Find Life Insurance Coverage That’s Right For You

When it comes to choosing the right coverage to help protect your loved ones, it’s always helpful to have someone who knows the market to guide you through the process.

Connect with one of our licensed insurance agents today by calling 1-855-303-4640 and get help determining which type of policy fits your needs and to compare available quotes.

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

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