Many people find it hard to identify with the fact that their family needs them to have life insurance now.There are certainly a percentage of people that do not need Life Insurance, however, if your death puts other people in financial jeopardy, then you need life insurance now.
If you are a single parent, you need life insurance now. Who will provide for my child when I die? Be sure to have in writing who you want as your baby’s guardian when you die. Be clear with the person accepting this responsibility. You do not want your child to be cared for by someone who feels like they are obligated to do so. Does your child’s intended guardian have the financial means to support your child when you die? The expenses of caring for a child can be a huge blow to someone who is not experienced in the situation. Make sure that you have enough insurance so that your child and their guardian do not have to suffer.
If you are married, you and your spouse are more likely living a lifestyle that relies upon both of your incomes. If you are married with children, this is even more likely to be the case. Unless you want your spouse to experience financial pain on top of the pain of losing you, you need to get life insurance.
Parents with Children with Disabilities
If your child requires specific/special care, you need life insurance to provide for that child when you die. You need to take into account that if both parents are gone, your child may need to be cared for in a special care home. If your disable child receives government assistance after reaching the age of majority (18 or 21), and they still need special care, then you need to consult an attorney that specializes in estate planning for children with disabilities.
If you died tomorrow would your business continue to be profitable? Your business may be worth nothing without you. The life insurance payout will-will give your family the flexibility to do what they need to do to get the business over the hurdle of your death. Whether it be the sale of the business, the continuation of the business, or the closing of the business, the key here is to give your family the flexibility that is needed to fulfill your wishes.
Many factors will cost your family money when you die. Be sure to review all of these factors and make sure that you have an adequate amount of life insurance in place so that your family can carry out your legacy when you die. Do you want to leave your family with freedom and choices when you die or do you want to leave your family with a long-term financially burden when you die? After all, you will only die once.