September is Life Insurance Awareness Month, so we’re taking this opportunity to share the most critical times in life when you need life insurance. Many of us don’t like to think about the possibility of untimely death, and many of us underestimate how much life insurance we actually need. As your insurance agent, we want to take the stress out of these crucial life events and make sure your family has the support they need if the worst were to happen.
When you get married, you and your spouse are both responsible for your financial obligations. If one of you were to die, the surviving spouse would need to be able to cover your joint financial obligations, including any debts you may have incurred. This is especially important if one of you is unable to work for pay at any point, whether due to caregiving duties, illness, or disability.
Having a Child
It’s no secret that raising children is expensive, and that’s especially true in the event of a parent’s death. Life insurance benefits can help cover the expenses previously covered by that parent’s income and/or labor, such as childcare and education costs.
Supporting Aging Parents
Caring for aging parents can be costly in both time and money, and your parents could be particularly vulnerable if they were to lose you. Life insurance benefits can cover the cost of their care in your absence.
Buying a Home
Our homes are the largest purchase many of us will ever make, and mortgages often cover 15 or 30 years. A life insurance policy can make sure your surviving family would be able to pay off your mortgage in the event of your death.
Running Your Own Business
If you’re self-employed, chances are you’ve made substantial investments in your business, even if you’re a sole proprietor. Make sure your life insurance limits are set high enough to cover business debts that your family could be held responsible for when you die.
Becoming a Stay-At-Home Parent
A stay-at-home parent may not bring home a paycheck, but their time and labor are crucial to the wellbeing of their families. They provide childcare and eldercare that would be very expensive to replace in the event of their death, a burden life insurance on the stay-at-home parent can help with.
Here at Kamm Insurance Group, our life insurance experts are happy to take some of the stress out of these momentous life events. We can help you find the right life insurance policy for you and your family to make sure your surviving family members have the resources they need if the worst were to happen to you.
Sources: https://www.protective.com/learn/seven-life-stages-that-affect-your-life-insurance-needs https://www.nerdwallet.com/article/insurance/life-insurance-for-your-parents https://www.forbes.com/advisor/life-insurance/stay-at-home-parents/