Life Insurance
Single
Many single adults (of any age) overlook life insurance. They this protection is unnecessary since they don’t have a partner or children who are dependent on them. However, there are other reasons to consider. Insurance can help avoid leaving end-of-life expenses to your loved ones. Some life insurance even builds cash value, providing a valuable wealth-building tool to supplement your retirement income.
Newly Married
In the event of a spouse’s death, the surviving spouse’s single income may not support their prior dual-income lifestyle. As a result, your spouse may struggle with meeting debt and cash flow obligations. Life insurance can avoid the financial burden of paying off debts and/or replacing a deceased spouse’s income, allowing your spouse to maintain the financial lifestyle to which they have become accustomed.
Starting a Family
It's no secret that children increase a family's financial obligations, and those obligations only increase as time goes on. The loss of income following the death of a parent can limit the future lifestyle for your surviving children and spouse. Life insurance can help ensure that your children can remain in their home, have their financial needs continue to be met, and even provide for future college expenses.
Empty Nesters
In this stage you may not need as much life insurance as before since your children are out of the home. But it is still important to have protection, especially if you are married and still working, or if you still have unmet debt obligations. Life insurance can be used to supplement estate planning and help ensure your family's needs are continuing to be met.
Retired
Planning for your financial future doesn’t end at retirement. In addition to financial protection in the event of your death, a life insurance policy with cash value built up can help provide additional retirement income. Life insurance can also help with estate planning and also allow you to leave behind a legacy for your loved ones.
Business Owners
Business owners can use life insurance as a valuable tool to not only protect their family, but to also help overcome the loss of key personnel, provide an additional benefit in an employee incentive package, and provide business partners with peace of mind knowing they won't need to sacrifice their business's cash flow to buy out a deceased partner's share.