Every new phase, whether it’s getting married, having children, or even retiring brings new commitments and responsibilities to your life. So what does this mean for choosing life insurance? Explore the phases below to find out:
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Young, Free, and Single.
If you’re single you may think that life insurance isn’t necessary, but there are situations where you need coverage to protect your loved ones:
-You have debt that a loved one cosigned. Any outstanding debt will be passed to your cosigner when you pass away. Choose a life insurance plan that covers the remaining balance.
-Your family would struggle to pay for funeral expenses
Average funeral expenses range from $7,000 to $15,000 in the US. Pick a small life insurance plan to cover burial costs.
At this point in your life a life insurance plan should be considered a necessity to cover:
Select life insurance that can pay off the mortgage in the event of your death so your loved one can keep your home.
If your spouse is dependent on you financially you should plan to leave life insurance to replace your income for a number of years.
Starting a family brings a whole new level of financial responsibility. You’ll need to think about:
-Providing for childcare costs
How much money do you spend looking after your children each year? Get life insurance to cover these expenses.
-Planning for future expenses
You should secure life insurance to provide for your children’s future needs such as college education costs.
Empty Home But Not Yet Retired
Now you’re older and your children are grown and your financial commitments might begin to lower. However, don’t forget:
If your spouse is still financially dependent on your income you should keep life insurance coverage to provide income replacement.
Now is the perfect time to take advantage of life insurance for estate planning.
Your life insurance needs are now very different from what they were during the earlier stages we have discussed. At this point in life people look to life insurance for two main reasons:
Consider a final expense insurance policy.
Certain life insurance options can help with estate planning, whether it’s coverage for taxes or leaving money for a charitable donation in your name.
Contact one of the Licensed Life reps at IntelliQuote today to get your life insurance quote, regardless of what stage of life you are in. The IntelliQuote Team is always ready to provide you with quality and experienced counseling.