You Need A Life

If anyone depends on you financially, then you need life insurance. Some people need life insurance more than others, though. Here are four groups that need it the most.

Married Couples
If both you and your spouse work, then both of you need life insurance to cover your incomes and maintain the same standard of living if one of you were to die. If only one of you works outside the home, it is crucial that the breadwinner be insured. But stay-at-home spouses may need life insurance, too. If you have kids at home who will require child care or if you have a significant amount of debt, a term life insurance policy can protect the surviving spouse from having to shoulder these costs alone. Unmarried couples who maintain a household together should consider life insurance for these same reasons.

Parents
All parents with children at home should have life insurance — even those who stay home with the kids. For working parents, have enough coverage to replace your income, pay off debts and ensure that the family will be taken care of. For stay-at-home parents, be sure to calculate the cost of the services you provide, including cooking, child care and transportation, when figuring out how much coverage you need. Also factor in the potential loss of income if the working parent has to take time off from work if you were to die.

Business Owners
A small-business owner has a special dependent — the business. A life insurance policy can ensure your company keeps going after your death. Business owners can take out a special life insurance policy on themselves, a business partner or a particularly important employee. These special policies are called “key man” or “key employee” insurance and pay out if the insured individual dies. The purpose is to cover business income losses associated with losing that person.

Homeowners
Your home is your castle, and you may want it to stay that way if you die before your mortgage is paid off. Homeowners who want to keep their home in the family can cover their mortgage with a term life insurance policy or purchase mortgage life insurance just for that expense. Mortgage life insurance can be an option for homeowners who are denied regular life insurance for medical reasons.

Life insurance isn’t at the top of many people’s to-do lists. But if you have a family or others who depend on you, it’s essential to make sure they are provided for in case the unthinkable happens.