Thinking about what would happen to your family and loved ones in the event of your death is stressful for even the most grounded people, but unfortunately it is something everyone needs to at least consider. Life insurance offers some peace of mind for those who worry about their families should the unthinkable happen. But does everyone need life insurance? Is it worth getting at all? Let’s look at why life insurance is a smart decision.
What Does Life Insurance Do?
Life insurance is intended to cover the expenses of a loved one in the event of an unexpected death. Life insurance plans generally provide enough to cover funeral expenses, loss of income, and oftentimes housing. Life insurance plans are a way to ensure that your loved ones won’t be left in a bad financial situation should you die unexpectedly. The amount your loved ones will get depends greatly on the policy selected but generally people have a plan that will help cover living expenses.
Who Needs Life Insurance?
If you earn a significant portion of your family’s income then life insurance is probably a wise investment. Parents of children should have life insurance so that their children’s expenses are covered in the event of their death. Likewise anyone with significant property that is shared with a spouse should have coverage to help their partner cover that expense in the event of their death.
Who Doesn’t Need Life Insurance?
Single adults with no dependants don’t need life insurance because they don’t need money to support loved ones after their death. Individuals without any dependents or shared assets with a spouse or partner likely don’t need life insurance either. However, if there is someone who needs you, then life insurance can benefit them when you cannot any longer.
Life insurance isn’t something most people want to think about, but it is an important thing for those with dependents. Whether you are the parent of children or a young husband or wife purchasing a new home for the first time, having coverage is important. If you are in need of life insurance, or your are trying to determine if life insurance is a good investment for your particular situation, call us at Freedom Insurance today! We are a life insurance company in Maryland and we’d love to help answer any questions you may have, and help you find the right plan for you.