Who Needs Life Insurance ?

September 17, 2019

Do you have a partner?

The biggest misconception is thinking you don’t need life insurance until you have children.

Even with the income of the surviving spouse, would that be enough to pay off debts and still cover monthly bills? Life insurance is a way to solidify financial stability for your partner.

 

Are you a single parent?

A single parent is the caregiver, breadwinner, cook and so much more. With so much responsibility on your shoulders you need to ensure you have enough life insurance to protect your children.

Most common reasons why parents purchase insurance is to make guarantee post secondary education for their child and most of all to make sure that they are cared for properly without it being a burden.

 

Are you a stay at home parent?

Just because you are a stay at home parent does not mean you do not make a financial contribution to your family. Childcare, transportation, cleaning, cooking and other activities are all important and contribute to significant cost savings.

With life insurance your family can afford to take care of these items without disrupting the flow of the household.

 

Are you a small business owner?

Life insurance can also protect your business. What would happen to your business if you, one of your fellow owners or a key employee died tomorrow?

To protect a business in case of the death of a key employee, key person insurance, payable to the company, provides the owners with the financial flexibility needed to either hire a replacement or work out an alternative arrangement.

 

Are you single?

Some single people provide financial support for aging parents or a sibling with special needs. Others do not want their family to have to worry about their funeral and closing out their estate and liabilities.

Insurability is another reason to consider life insurance when you’re single. If you’re young, healthy, and have a good family health history, your insurability is at its peak and you’ll be rewarded with the best premiums.

 

Book your consultation with one of our advisors here.