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Life and Health


By April 1, 2012No Comments

People who are considering Life insurance usually debate whether they need it or not. If anyone will suffer financially after a person’s death, that person should have Life insurance. This death benefit is meant to help surviving family members or dependents cope with the financial difficulties of losing the deceased’s income and paying for final expenses. Life insurance isn’t subject to federal income tax.

In order to determine how much Life insurance to buy, it’s important to consider what surviving loved ones would need if death occurred suddenly. Be sure to consider monthly living expenses, debts and final expenses when calculating costs. These are the essentials. There are also several more considerations. For example, college money for surviving children is a beneficial addition to a Life insurance funding plan. Long-term financial goals, a surviving spouse’s retirement and several other factors must also be considered. It’s best to speak with one of our qualified agents to discuss individual needs and determine what amount is sufficient. There are several aspects to consider with purchasing Life insurance.

Married Individuals. Many couples who get married don’t think they need to purchase Life insurance coverage until they have children. However, it’s important to know that the debts of one spouse must be paid by the surviving spouse in most situations. For example, if one of the individuals earns the sole income and has sufficient debt, the surviving spouse with the lesser income would face many serious struggles by inheriting such debt.

Parents with Young Children. Whether parents are single or married, it’s important to have enough Life insurance to cover the costs of child care and care. If one spouse stays at home and cares for the children, it’s important to be sure that they will all have enough money to live on. It’s also important to have Life insurance for the spouse who stays at home to care for the children. Without that spouse in the picture, the cost of transporting and caring for the children will be an issue. It might also be necessary to pay for housekeeping services. Single parents should always make sure that their children will have enough money to survive on. If possible, it’s best to leave extra money to contribute toward their college education.

Parents with Grown Children. It’s best for parents with grown children to make sure they leave enough money that their children will be able to pay their final expenses. Married parents with grown children must still consider the needs of their spouses.

Single Individuals. Although many singles think they don’t need Life insurance, this coverage is beneficial to have. Surviving parents, siblings or other acquaintances might benefit from the money. Aging parents might need extra money for health care. For example, parents who inherit this benefit might be able to afford a private room instead of a shared room in a nursing home.

There are several reasons for any person to purchase Life insurance. Even those who have no family members and few friends still have values that are important to them. In these cases, it’s helpful and satisfying to set up a Life insurance benefit amount to go to a preferred charity. To learn more about Life insurance and what options are best, speak with one of our agents.