When Is Life Insurance Necessary To Have?

Life insurance is a priceless asset to you and those around you. It’s revered for what it can pass to beneficiaries, but it can also prevent undesirable outcomes from limited equity. Single or married, children or no children, life insurance has a place for all individuals in various circumstances.

You May Consider Life Insurance If You’re Married

If your spouse depends on you to cover bills, you may want life insurance to ensure your spouse will not suffer financially after you pass away. Even if your spouse is employed, you’re preventing them from having to bear costs that may impede their ability to remain financially secure.

You Have Dependents

Life insurance is especially critical if you have children or other dependents. Life insurance can cover remaining mortgage costs so they can continue living in your home. For instance, you can opt for a decreasing term policy, which you can purchase to continue for the same length of time as your mortgage. Its coverage declines over time, but the amount will match what remains on your outstanding balance.

Mortgage protection is also a good option to look into for this specific reason.

You’re Preparing For Funeral Costs

Life insurance provides a way to cover funeral expenses without it falling onto the shoulders of your loved ones. Final expense insurance is designed for this purpose. While its death benefit is relatively small, coverage amounts are often enough to cover full funeral expenses, which can be as high as $12,000.

You Want Another Layer Of Financial Security For Your Retirement Years

Whole life insurance is a good idea if you want to pass wealth onto your loved ones, but you also want to be able to utilize it for personal costs while you’re still alive. Whole life insurance offers a savings account, which gains value over time as you pay premiums. Eventually, you’ll be able to borrow against these funds and use them for personal expenses.

We’ve Got The Right Policy For You

At All Things Insurance, we are here to help you get the life insurance policy you need. Call us today at (763) 645-5450 to learn more about your options.