IN Brentwood-Baldwin-Whitehall Fall 2016 | Page 31
INDUSTRY INSIGHT
INSURANCE INFORMATION
SPONSORED CONTENT
Do You Really Need Life Insurance?
Life insurance isn’t just for married couples with children. The need for life insurance is much broader. “Anybody who would experience a
financial loss or an emotional loss after a death will need some type of life insurance,” says Marvin Feldman, president and CEO of the Life and
Health Insurance Foundation for Education.
Who is it for?
Having dependents of any kind necessitates life insurance. Here are
examples:
• Unmarried couples. Unmarried individuals may have a
significant other who relies on their support. Life insurance can
help provide for them.
• Stay-at-home spouses. Life insurance isn’t just for
breadwinners. It can help cover the cost of replacing the services
of stay-at-home parents.
• Single parents. These individuals are typically the sole source
of support for their children. Life insurance can help provide for
children financially should their parent die.
• Singles. Single individuals could be responsible for aging
parents or may have significant debt. “Life insurance helps make
sure those debts are paid,” Feldman says.
• Retirees. Insurance can help replace income from part-time
work, Social Security benefits, pensions or other employer
benefits. It helps spouses continue living as they’re accustomed.
• Empty nesters. Older adults may have custody of a grandchild
or provide support for other family members. Life insurance may
help this care to continue.
• Business owners. Life insurance has many benefits for business
owners, such as helping protect family members fr om taking on
a person’s professional debt, or providing funds for survivors to
buy out the deceased’s interest.
or used to help cover unexpected expenses. Universal life policies also
may have riders allowing chronically ill policyholders to withdraw the
face amount during their lifetimes to help cover long-term care costs
or to prepare loved ones financially before passing. Decide which type
of policy best suits your needs.
Get a general idea of how much life insurance you might need by
contacting me or my team!
Unpaid loans and withdrawals will reduce the guaranteed death benefit and policy cash
value. Loans also accrue interest.
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What can it cover?
Beyond paying for final expenses, loved ones can put death benefits
toward:
• Paying off debt
• Financing an education
• Settling estate taxes
• Contributing to charity
• Creating an inheritance
• Replacing income
• Replacing employer benefits
Are there additional benefits?
Some policies also offer living benefits. Whole policies and universal
life policies accumulate value that can be tapped as retirement income
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