Life insurance is a key component of many people's financial planning and is designed to protect dependents financially in case the insured should die while the policy is in effect. Jenkins & Bevan Insurance, the most trusted and experienced insurance agency in Amherst, OH, explains below how to determine if you need life insurance. For more than 60 years, this venerable company has provided invaluable advice and guidance to clients throughout Lorain County, as well as top-quality business, home, and auto insurance products that help you protect the things you value most.
3 Important Reasons You Might Need Life Insurance
1. You Have a Spouse & Children
If you have dependents, you should consider life insurance to be a crucial part of your long-term plan. What would happen to your family without your income to support them? Depending on the amount you choose, a life insurance death benefit can provide enough to cover short-term expenses until your spouse can make other arrangements, or it can pay enough to support their current lifestyle until your children are grown. If you choose, it can even provide enough to pay for your kids' college expenses.
2. You Have Considerable Outstanding Debt
If you have an outstanding mortgage, student loan, or consumer debt, it would be wise to consider a life insurance policy to cover the payoff instead of leaving the responsibility to others should you pass away. In addition to debt relief, you can also take advantage of the investment component of a whole life policy. This way, you can begin accumulating wealth for the future while you insure your debt against the possibility of sudden demise.
3. You Want to Pay for Your Funeral Services
If you are a single person with no significant debt, you could still use life insurance to pay for your own funeral costs or to support aging parents financially.
Jenkins & Bevan Insurance, the most reliable insurance agency in Amherst, OH, can help you choose a home, life, or auto insurance policy that meets your needs and fits your budget. Visit them online for contact details, or call (440) 984-6771 to speak to a friendly professional about your insurance needs.