Prevent financial hardship for your loved ones with life insurance

The value of life insurance cannot be overstated. Life insurance offers protection for your family and home in the event of your death.

Some people may think of life insurance as just another expense. The question you need to consider is would someone in your life suffer economic hardship if you were to die? If your answer is yes, then life insurance is important for you to have.

If you're married and have young children at home who depend on your income, you have a clear need for life insurance. If you were to die, the loss of your income could cause immediate financial hardship. Not only would this make it harder for your family to make ends meet, but for them to realize future goals such as a college education. Even if one spouse is a stay at home parent and doesn't bring in a formal paycheck, his or her death means that the surviving spouse will have additional expenses such as child care, cooking, and housekeeping - all necessary services for running a household.

The first thing you need to know about life insurance is that the younger and healthier you are, the less expensive it is.

The Best Life Insurance Choice For You Will Depend On

Why you want the life insurance (to build wealth, to protect assets, provide for your family?)

What your situation is

What stage in life you are in (do you have kids, are you in school, are you starting a business, buying a home, getting married, etc.)

How old you are

Below are different situations and ways you can use life Insurance

Here is a list of people who might need life insurance at different life stages, and why you would want to buy life insurance at these stages. This list will help you consider various reasons to purchase life insurance and help you figure out if it is time for you to look into buying life insurance or not.

Starting a family, life insurance should be purchased if you are considering starting a family. Your rates will be cheaper now than when you get older and your future children will be depending on your income.

If you have a family that depends on you, you need life insurance. This does not include only the spouse or partner working outside the home. Life insurance also needs to be considered for the person working in the home. The costs of replacing someone to do domestic chores, home budgeting, and childcare can cause significant financial problems for the surviving family.

The reason a single adult would typically need life insurance would be to pay for their own funeral costs or if they help support an elderly parent or another person they may care for financially.

You may also consider purchasing life insurance while you are young so that by the time you need it, you do not have to pay more due to your age. The older you get, the more expensive life insurance becomes and you risk being refused if there are problems with the life insurance medical exam.

Life insurance can be a way of making sure your debts are paid off if you die. If you die with debts and no way for your estate to pay them, your assets and everything you worked for may be lost and will not get passed on to someone you care about. Instead, your estate may be left with debt, which could be passed to your heirs.

If you have life insurance through your work, you should still buy your own life insurance policy. The reason you should never only rely on life insurance at work is that you could lose your job, or decide to change jobs and once you do that, you lose that life insurance policy. It is not strategically sound to leave your life insurance at the hands of an employer. The older you get the more expensive your life insurance becomes. You are better off buying a small backup policy to make sure that you always have some life insurance, even if you lose your job.

If you have a business partner or own a business and there are people relying on you, you can consider purchasing a separate life insurance policy for the purpose of your business obligations. 

The loss of a loved one is an emotional and traumatic experience for any family. But not having enough money to meet immediate and ongoing living expenses, can make a very difficult situation even worse. Not only are the people you love grieving your loss, but they'll now have added financial stresses to cope with. Depending on their current financial resources and ability to get back on their feet both emotionally and financially, your loved ones could be forced to move to a less expensive home or community, forego education and career plans, and cut back on their quality of life. 

They may be even forced to take out loans to pay for your funeral and burial costs, as well as any outstanding medical or tax bills. If you're wondering why life insurance is important, stop to consider the potentially devastating consequences of not having coverage to financially protect the people that you love.

A financial advisor can also help you explore different life insurance options and should always be consulted for their professional opinions to help you make a choice before choosing the insurance that's best for you. follow the link https://holbornassets.com/our-expertise/insurance/life-insurance/

Do you have questions? If you would like to ask a question or would like a Skype or Zoom call, please email me at ralph.woodcock@holbornassets.com