Becoming new parents: Beginning a family is a dream many Americans have and it is the ultimate feeling of love and accomplishment. Love that would make you do anything to protect them and ensure their safety. A life insurance policy is the best gift of love and the only product in the world that pays a benefit when you least expect it. The reality is we do not know what will happen tomorrow but we can control what we do today.
Protecting your new home: Purchasing a new home comes with excitement and responsibility. An investment on a new home including a mortgage from 15 or up to 30 years weighs heavy on any family. What do you do if your spouse unexpectedly passes away and you cannot afford to pay the mortgage on your own? In this situation, while morning the loss of your loved one, bills will continue to pile up and facing the real possibility of moving to a more affordable location is the next step. Traveling and moving expenses are additional cost that you were not planning and changing schools for your child because you are in a new district follows after, a domino effect of difficult times ahead. A simple life insurance plan that is right for you, will fix these situations and help you cope with any unforeseen and unexpected family tragedy.
Stay at home parent: It is not only that the breadwinner of the home who needs life insurance. In reality, the contributions of a stay-at-home parent are worth roughly $100,000 a year! Regardless of the income of one spouse, both need life insurance. Consider the cost of child care, housekeeping, meal preparation, and groceries, along with all of the many other responsibilities of the stay-at-home parent. A simple term life insurance will be the ideal coverage for this family since these plans can be customized to cover the insured for only the number of years they are looking for while not being obligated to pay once the time comes where they do not want coverage anymore. This option also gives the insured the option to convert these plans into a permanent policy in future if they have new financial goals in mind.
Recently graduated college: Life is going great and you are getting ready to graduate with all your classmates. You are planning on doing great things over the next few years and your excitement is seen by everyone you meet. Life could not get any better and then, tragedy strikes. Your entire world comes crashing down on the night you celebrate finally receiving your university degree, you are involved in a bad accident which took your life when you least expected it. College tuition has cost you $100,000 or more. As a result of your death, your family is now in debt thousands of dollars to repay that tuition and your burial services are first. A typical burial ceremony cost roughly between $10, 000 – $25,000. This is not a place where your family was expecting to be and not having a plan means the family was not prepared. A life Insurance policy will let the family properly grieve the death of a family member without having the burden of a large debt hanging over their head. This will erase any drastic decision to sell any personal property to raise enough money to pay of funeral cost and any other debt that has suddenly and unexpectedly arrived.
Self Employed: Having your own business is both gratifying and stressful at the same time. So much effort goes into everything you do to make sure things turn out right. The results can be amazing and soon enough, this business is supporting your family for generations to come. Each member of your family now has an important role in your business. The years of hard work are paying off and each year is more profitable than the last. Then suddenly you are diagnosed with a terminal illness and given only 6 months to live. Having a successful family legacy and making sure the company generates earnings for years to come is vital for the wellbeing of your entire family. Having a life insurance policy to protect the business from any potential bank repossession or any money troubles that may follow will help protect the business you built over the years and can potentially prevent your family from having to sell that business in the future if you are gone.
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