You’re expecting or you already have young kids
As a new or expecting parent, life insurance can protect your growing family’s financial future. Term life insurance gives you peace of mind knowing that your loved ones can be provided for with the necessary financial resources in the event the unexpected happens. If you pass away while your policy is active, life insurance can offer a tax-free lump sum payment to your beneficiaries. This can be used to replace your income and cover other life expenses, such as household bills, childcare, and tuition costs.
You’re retired or plan to retire soon, but don’t have enough savings
If you’re a retiree or soon-to-be-retired, life insurance can serve as a financial safety net for your partner, children, or anyone else who depends on you financially. When you pass away, a term life insurance payout can be used to cover expenses, such as funeral costs, or help pay off debts. It can also help cover living expenses or be left as an inheritance for your beneficiaries.
You have a partner and you rely on each other’s incomes
Partners and spouses who are dependent on each other’s incomes can face financial challenges when one spouse passes away. Life insurance can help bridge this income gap by providing financial security that helps the surviving spouses maintain their lifestyle, including paying for living expenses and paying off debts.
You own a home
Term life insurance can provide a lump-sum payment that can help your family pay off the mortgage and other living expenses so that they can continue living in the home even if you are no longer there to contribute financially.
You own a business
Life insurance doesn’t just protect your family and loved ones; term life insurance can also safeguard your business. In the event of your death, life insurance payouts can be used to support business partners and employees, or even pay off business loans.
You have outstanding debts
When you pass away, outstanding joint debts such as a mortgage or line of credit can impact your loved ones, while other debts such as a personal car loan or student loan can affect the amount of your estate. Term life insurance can help cover these debts, so your loved ones aren’t left with a financial burden and you can leave more to your family through your estate.
You have financial dependents
Term life insurance helps you protect loved ones and anyone who might depend on you for financial support, such as elderly parents or disabled family members. A lump-sum payout can help ensure that their needs are met, even if you’re no longer around.
Not sure how much coverage you really need? A team of licensed, non-commissioned advisors can help you determine your ideal coverage.