If you live in Orange County, California, there’s a solid chance you have an insurance policy to cover just about everything –– your vehicle, your home, your belongings, and maybe even your pet.
But do you have an insurance policy that protects your most valuable asset: you?
Life insurance is a topic a lot of people shy away from, and we get it. After all, it’s a rather morbid subject to discuss. But the truth of the matter is that death is inevitable and if someone depends on you financially, it’s a topic you can’t afford to ignore.
Life insurance is the cornerstone of any sound financial plan. Not only can it be used to protect your family upon your passing, it can also be a useful savings and investment tool. But while 84% of Americans say that most people need life insurance, only 59% actually own some form of it.
So, what gives?
This is the most common question our clients ask. And truth be told, the circumstances vary from person to person, family to family. However, if you fall into one of the following five categories, there’s a good chance that a life insurance policy is something that you truly need.
There are two sides to this coin: (1) You are the breadwinner and unexpectedly pass away. A life insurance policy would provide a cushion, allowing the stay-at-home parent to not have to worry about finding a job right away in order to meet income requirements. (2) Your co-parent unexpectedly passes away. Replacing the economic contributions of a stay-at-home parent can be very expensive. A life insurance policy could help to offset newly acquired costs associated with daycare, shopping, cleaning, meal preparation, and more.
Life insurance is a must-have for many people, but it’s especially important if you’re raising a child or children on your own because you are the sole provider. Surprisingly, nearly 70% of single parents don’t have it. In the event you were suddenly gone, a life insurance policy would ensure their future wellbeing.
Parents of children with special needs can face complex challenges that other parents don’t. Life insurance is one way to ease the financial strain of ongoing care for their child upon their passing.
Life insurance provides you with immediate income so that you have the freedom to grieve and not make rushed decisions in the event of a loss.
Here are some of the most common things it can help pay for: