LIFE INSURANCE

If you have dependents or other people with whom you share your life, life insurance can play a vital and valuable role at virtually every stage of your life. It’s not just for the young, nor is it only for parents or guardians of young children.

Why buy life insurance?

The MAIN REASON for insuring your life is to replace an income you are generating that someone else relies on. The most common case is a one or two wage-earner family with young children. If an earner dies, life insurance can enable the survivors to go on without having to make financial sacrifices.

Life insurance can also pay for one-time costs that are connected with death, such as funeral and burial costs, administration costs (e.g., for probate and transferring title to a property to the heirs), estate and inheritance taxes, and outstanding debts (such as final medical expenses not covered by health insurance). There are several other reasons to buy life insurance as well.

You have to make many choices when buying life insurance: how much to buy, which type of product to buy; and which one of the hundreds of life insurance companies to choose. Even if you “shop” online, it is in your interest to work with a knowledgeable professional who can understand your needs and constraints, answer your questions, and help you find the most appropriate solutions.