Life insurance is one of the most important investments you can make, ensuring your loved ones are taken care of if something should happen. While many assume that only the elderly need coverage, almost everyone needs life insurance if only to pay for their own burial expenses. Below are a few reasons you should consider purchasing a policy.
Who Needs Life Insurance?
Unmarried, Single Adults
Funerals and burial expenses can cost thousands of dollars, resources which many families don’t have. Without life insurance, your parents and other loved ones may have to cover the expense out of their own pockets, which is why those without spouses or children to support should carry at least some coverage. If you financially support aging parents or other family members, a policy will help to continue meeting those obligations after you’re gone.
Parents of Small Children
Having children is one of life’s most important responsibilities, and requires significant financial resources. If you were to die unexpectedly, a life insurance policy allows your family to pay for education, day-to-day living expenses, and anything else they might need. Buying policies when you’re young is also the best financial move since you’ll enjoy much lower rates that won’t go up during the life of your policy.
If something were to happen, would your spouse or heir that will inherit your home be able to afford the monthly payments? Many people choose to purchase at least enough life insurance to cover the mortgage, so their loved ones don’t have to worry about living arrangements in the future.
Buying life insurance is a major decision, so it’s important to talk to a skilled professional who will guide you toward a policy tailored to your needs. As one of Florence, KY’s most respected insurance experts, Michel Insurance Agency LLC offers personalized service and a selection of policies from many of the industry’s top carriers. Visit their website to learn more about their broad range of products and services, or call (859) 371-9458 now to request a free life insurance quote.