With September comes the end of summer, the beginning of football season and National Life Insurance Awareness Month. You can celebrate National Life Insurance Awareness Month by reviewing your family's life insurance needs and making sure your have the coverage that fits those needs.
Whether you are single or married, have young children or grown children, or are a business owner, you probably have a need for life insurance. Below are a few things to consider when purchasing life insurance depending on what stage in life you are in:
Single – Singles usually have less financial obligations than couples and families, but do have the advantage of buying life insurance while they are young and healthy to take advantages of lower rates to help them plan for financial obligations that may come later in life.
Married Couples – You and your spouse have increased financial obligations from when you were single, like a mortgage or car payments that may be unsustainable if the unforeseen should happen. The right amount of life insurance can help your spouse maintain their standard of living.
Married with small children – Families with small children generally have the largest financial obligations. Loss of income, childcare, mortgage, future tuition and other debt should all be considered when purchasing life insurance for families with small children to be adequately insured.
Married with grown children – At this stage in your life your financial obligations have decreased. Your main concerns are loss of income to your surviving spouse and any inheritance you may want to leave to your children. Term insurance may be too expensive and a whole-life policy may better suit your needs.
Business Owners – Life insurance has several uses in the workplace. You can offer voluntary life coverage to your employees as part of your employee benefits package. You can also use it to protect against the loss of a key employee, to fund a buy-sell agreement with business partners, or to ensure that your spouse can transfer ownership of your business for a good price.
If you find that you need to pursue a life insurance quote, feel free to contact one of our agents by phone, email, or through the website. We look forward to helping you protect your family.