Life insurance pays a benefit to your beneficiaries if you should pass away while the policy is in effect. The beneficiary can be anyone you choose, and the death benefit lets you protect your family financially, pay off debts, or support a cause you believe in. Some people wonder if they need coverage. If you don’t know if you should have life insurance, here are the types of people who could benefit the most from coverage.

Who Needs Life Insurance Coverage?

1. People With Families

If you have a spouse or children, they might struggle financially without your income to support them. They likely have rent or mortgage payments, car loans, credit card bills, and food and clothing needs that won't disappear if something were to happen to you. A life insurance benefit lets you provide financial support even after you’re gone, so they can maintain their current lifestyle and remain independent without having to impose on family or friends.

2. People With Outstanding Debt 

Many people expect that their debts will dissolve if they should pass away without repaying them. In some cases, this is true. However, if you are repaying a mortgage or student loan debt for which a parent or loved one has cosigned, the cosigner will become responsible for repayment. You can instead buy a life insurance policy that covers the outstanding balance and keeps the burden from falling on your loved ones.

3. People Who Don't Have a Preplanned Funeral

If you’ve purchased funeral preplanning service, your end-of-life services are already taken care of. However, if you haven’t, then the cost of the funeral and burial will fall on your loved ones. Since these services can cost thousands of dollars, the sudden expense could prove difficult for your family. A small, affordable life insurance policy can cover the costs and give your loved ones time to grieve without an unexpected financial burden.

To have an experienced agent help you design the right life insurance policy, contact Brent C. Layton Insurance Agency Inc. in Tremonton, UT. Brent Layton and his team have served Box Elder County for over 25 years. In addition to life insurance coverage, they can also help you buy guaranteed funeral plans, Medicare Supplement insurance, and Medicare Advantage plans. Call (435)279-5723, contact them by email, or message them online to request a price quote.