Life insurance is a policy that many people need but few care to think about. It’s a morbid topic, but it’s an essential coverage if you have dependents that rely on you. While you may have savings, it’s wise to assess whether you could benefit from a life insurance policy tailored to your needs. Take a look at just who can reap the benefits of life insurance – and who should consider securing a policy immediately.
Who Needs Life Insurance Coverage?
- Married couples
If you died tomorrow, how would your spouse cope? Would he or she bring in enough money to satisfy the mortgage and utility bills? What about the funeral expenses and the remaining debt you leave behind? Life insurance can step in to help cover these costs so your spouse has financial assistance. - Parents
If a child relies on your income to live, then life insurance is a must. Having a child brings about responsibility, including how they will survive if you were to suddenly pass away. Make sure you have enough life insurance to safeguard your child’s financial future. - Stay-at-home parents
Even if you don’t bring in a salary, you provide valuable services that would be costly to replace. Life insurance can help cover transportation, childcare, and cleaning costs if you were to die. - Retirees
Heirs could be hit with a sizeable estate-tax payment after you die, depending on the size of your estate. Fortunately, life insurance benefits can be used by your heirs to take care of these taxes, funeral costs, and other debts without having to sacrifice other assets. - Singletons
Although not every single person needs life insurance, many can benefit from coverage. If you carry significant debt, want to leave a legacy, or plan on getting life insurance in the future, secure coverage now to lock in low rates.
Looking for the right life insurance for your needs? The team at Wepawaug Insurance Agency are here to help. Contact us today to get started on your quality life insurance coverage.