Why Do You Need Life Insurance?
For young Americans, the thought of having life insurance is a questionable one. Many don't like thinking about mortality or what kind of financial impact their death could have on their loved ones, but this is an important consideration one always has to keep in mind.
In truth, most Americans need life insurance, regardless of their age because unfortunately, nobody is guaranteed to live into their 90s. Life insurance can help protect your family's finances should the unexpected occur. To help you understand how life insurance plays an important role in your life, here are a few different scenarios where having a policy can be beneficial.
A Married Couple without Children
Newlyweds often think that life insurance is only for families with children, but this can be a costly mistake. In truth, most married couples share their financial obligations and when there are two people working full-time jobs, the couple can take on quite a bit of expenses. But, should you die unexpectedly; will your spouse be able to meet all of the financial obligations the two of you have collected on their income alone? Having a life insurance policy will help your loved one cover your funeral costs while at the same time protect their personal finances.
A Married Couple with Children
If you think leaving your spouse without the benefit of financial protection is bad, then just think what would happen if you were also leaving children behind. Your life insurance policy could help your family stay in their home while maintaining the quality of life they are accustomed to. In addition, if one of you is a stay-at-home parent, then consider the financial impact on your family should the stay-at-home parent die unexpectedly. According to some studies, the in-home services performed by stay-at-home parents (cleaning, childcare, cooking, etc.) are valued at $40,000 a year or more.
A Married Couple with Grown Children
Many believe that once their children are out of college, they no longer need a life insurance policy. But, should you pass away, your spouse will still need money to go on living and Social Security will only cover so much. Many spouses outlive their partners by 10, 20, or even 30 years. Will your spouse have the financial support they need to maintain their quality of life after you're gone?
Single-Parent
If you're a single parent, you're the sole income in the family. In truth your entire family's future rests on your shoulders. What would happen to your child's future should you die unexpectedly? As a single parent you need to ensure that your family is financially protected in the event of your passing.
Young and Single
When you're young and single, death is the farthest thing from your mind. But, a long life is not guaranteed to anyone. Having life insurance when you're young and single may not seem practical, but it can be a financial safety net for your parents and/or siblings should you pass away.
Retired
What many people are unaware of is that depending on the size of your estate when you die, your heirs could face a substantial estate tax payment. This can be as much as 45% of the value of your estate! But, with a life insurance policy, your benefits are paid out immediately, thus allowing them to pay for the estate taxes, your funeral costs, and any other debts without having to liquefy any assets.
Find the Right Life Insurance in Wilmington NC Through Schnitzer-Slate
Life insurance is important to have at every stage of your adult life because it will help protect those who matter most to you at a time when they need it the absolute most. Schnitzer-Slate is an authorized provider of BCBSNC insurance plans and we have a host of flexible plans for you to choose from. Just call us at 910-392-7020 and one of our agents will help you choose the right life insurance policy for your lifestyle and budget. Or, just visit our website at http://healthplannc.com/ to learn more about affordable life insurance in Wilmington NC.
In truth, most Americans need life insurance, regardless of their age because unfortunately, nobody is guaranteed to live into their 90s. Life insurance can help protect your family's finances should the unexpected occur. To help you understand how life insurance plays an important role in your life, here are a few different scenarios where having a policy can be beneficial.
A Married Couple without Children
Newlyweds often think that life insurance is only for families with children, but this can be a costly mistake. In truth, most married couples share their financial obligations and when there are two people working full-time jobs, the couple can take on quite a bit of expenses. But, should you die unexpectedly; will your spouse be able to meet all of the financial obligations the two of you have collected on their income alone? Having a life insurance policy will help your loved one cover your funeral costs while at the same time protect their personal finances.
A Married Couple with Children
If you think leaving your spouse without the benefit of financial protection is bad, then just think what would happen if you were also leaving children behind. Your life insurance policy could help your family stay in their home while maintaining the quality of life they are accustomed to. In addition, if one of you is a stay-at-home parent, then consider the financial impact on your family should the stay-at-home parent die unexpectedly. According to some studies, the in-home services performed by stay-at-home parents (cleaning, childcare, cooking, etc.) are valued at $40,000 a year or more.
A Married Couple with Grown Children
Many believe that once their children are out of college, they no longer need a life insurance policy. But, should you pass away, your spouse will still need money to go on living and Social Security will only cover so much. Many spouses outlive their partners by 10, 20, or even 30 years. Will your spouse have the financial support they need to maintain their quality of life after you're gone?
Single-Parent
If you're a single parent, you're the sole income in the family. In truth your entire family's future rests on your shoulders. What would happen to your child's future should you die unexpectedly? As a single parent you need to ensure that your family is financially protected in the event of your passing.
Young and Single
When you're young and single, death is the farthest thing from your mind. But, a long life is not guaranteed to anyone. Having life insurance when you're young and single may not seem practical, but it can be a financial safety net for your parents and/or siblings should you pass away.
Retired
What many people are unaware of is that depending on the size of your estate when you die, your heirs could face a substantial estate tax payment. This can be as much as 45% of the value of your estate! But, with a life insurance policy, your benefits are paid out immediately, thus allowing them to pay for the estate taxes, your funeral costs, and any other debts without having to liquefy any assets.
Find the Right Life Insurance in Wilmington NC Through Schnitzer-Slate
Life insurance is important to have at every stage of your adult life because it will help protect those who matter most to you at a time when they need it the absolute most. Schnitzer-Slate is an authorized provider of BCBSNC insurance plans and we have a host of flexible plans for you to choose from. Just call us at 910-392-7020 and one of our agents will help you choose the right life insurance policy for your lifestyle and budget. Or, just visit our website at http://healthplannc.com/ to learn more about affordable life insurance in Wilmington NC.