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Although September is deemed Life Insurance Awareness month, protecting those who matter most matters 365 days a year. However, in that time, a lot can change. Wherever life takes you, make sure you take the security of life insurance
6 Reasons Why You Need Life Insurance
You Tied the Knot
Can your partner withstand paying expenses without you? Or cover any debts that will follow on a single income? Having life insurance can help your spouse manage financial burdens after your passing.
Many employers offer life insurance through their employee benefits programs. However, by relying on this policy alone, you may not have the amount of coverage you need and maybe at a loss when changing jobs. Similarly, your life insurance needs may change with this shift in employment, income level, and so on.
Your Family is Growing
Ultimately, life insurance isn’t for you- it’s for protecting the ones you love. As your family grows, it is essential to make sure that the future of your family members is safe from financial hardship. Life Insurance can help your family sustain their lifestyle and expenses after your passing as well as help prepare your children for the future.
Retirement is on the Horizon
Depending on whether or not you plan on continuing to work in retirement, life insurance may be beneficial to consider in your retirement planning. In some cases, life insurance can be used for supplementing social security or pension incomes in a pinch. Ask an advisor for more information on integrating life insurance into your retirement planning.
You’re Just Starting Out
If you’re just entering the workforce, life insurance can help you build a solid foundation for your financial future. The younger you are when you first purchase a policy the less expensive it is. While many millennials overestimate the cost of life insurance, the average cost of a policy for someone in their 20’s is roughly $15 to $20 a month depending on the type of policy.
You own a Business
As a business owner, your employees aren’t the only ones relying on you. Your family may rely on the income of your business to accommodate their lifestyle and needs. Without the means to carry on the operations of your business, they may be forced to sell the business in order to make ends meet.