Why You Need Term Life Insurance
For the Unexpected...
Everyone's life insurance needs are different but, a person's needs are greatest from the time they start their career or a family untilretirement age when a person's needs for life insurance decrease. It's important to remember that you should review your term life insurance needs with your agent annually to account for changes in your family structure.
A number of factors should be considered when estimating how much life insurance coverage you should carry.
Mortgage Cancellation - Term life insurance is most popular for this need because it can pay off your home mortgage in the event of your death. This eliminates the burden for the loved ones left behind.
Final Expense - Unpaid hospital bills, funeral expenses, unpaid debts, probate costs, and estate and inheritance taxes
Readjustment Funds - An immediate lifestyle adjustment that a family must make when a loved one dies. The family may be forced to move, or the surviving spouse might have to look for new employment. In addition, a working spouse may find it difficult to return to work immediately after the death of a partner. The readjustment fund allows for adequate bereavement due to loss
Supplemental Income - After the readjustment period, there should be a consistent income stream to help pay for the family's living expenses, such as mortgage payments, monthly bills, and daycare
Educational Funds - Adequate funds should be available for the education of the children. This might include elementary school, high school, and college
Retirement Funds - Will ensure adequate funds are available for the surviving spouse to retire comfortably
Could your family weather the storm should something happen to you? Life Insurance can help ensure your family's future.