Not everyone needs life insurance. That said, there are a handful of situations in life that you absolutely should be properly covered. These critical life events are examples of when you may need life insurance more than you might think.
Now you have made a decision to share your life with a partner. Someone you care deeply about and somebody that may depend on you, or you them, to help provide financial support, plan for future major purchases, and eventual retirement. It is also not too early to consider final expenses like funeral and end of life needs. Life insurance in this instance is critical for providing for those needs.
Having a child
It almost goes without saying that a person would want to have a policy to take care of their child in the event of an untimely death or accident that would prevent them from providing for the care and financial needs of their children.
Supporting aging parents
Something that we often don’t want to think about, but elder care falls to many families. This responsibility is an expense that can be a debilitating financial burden and one for which too many families are unprepared.
Buying a house with a mortgage
Leaving a spouse or family with the cost of repaying a mortgage can be a huge strain on family finances. A life insurance policy can ease that burden by allowing family to pay off the mortgage when you pass.
Taking out a loan
Whether it is a business or personal loan, making sure that your family is protected from having to repay it in the event of your passing is as simple as making sure that your coverage is adequate enough to cover all your indebtedness. Speak with your Builtwell agent to assess all your options.
During a recession
During times of recession, paying for a life insurance policy might not be a top priority for most people. But it is actually even more important to have a safety net for your loved ones when times are bad. You can make your family recession-proof with a plan in place to protect them when you can no longer provide for them.
Much like starting a business, this is a time in life when you have no “employer” to rely on for insurance to take care of your loved ones in the event that you are not able to. It is important to meet with an insurance expert immediately should you decide to be self-employed.
Becoming stay-at-home parents
The decision to home-school or spend the early years of your child’s life at home with them brings with it a new set of challenges beyond the daily needs of child development. Parents need to make sure they (and their children) are properly covered from an insurance standpoint. Accidents in the home must be considered and prepared for. Don’t assume that your homeowners policy is the end-all-be-all to protect your family from catastrophic loss, hospitalization or liability.