5 Reasons You May Need Life Insurance

1. Your parents co-signed your student loan

You wanted to go to college, but you didn’t have the money and your parents didn’t either. After all, who has $30,000+ laying around to spend on tuition, room, board, books and fun? You took out a private student loan, and your parents co-signed. They may have to foot the bill if you die prematurely. {some financial institutions may forgive the loan, but don’t count on it, buy life insurance to protect your parents}
2. You are married
You are living the American Dream. You graduated college, found your dream job and got married. You are living with the one you love and life keeps getting better. When you get married, mine and yours is now ours, including financial obligations. If you were to die tomorrow, would your spouse be able to pay off debts {car loans, student loans, mortgage, etc} with his/her income? If there are no debts, would your spouse be able to live on one income? Buying life insurance enables your spouse to maintain their standard of living and not stress about making the next rent or mortgage payment and shows your love for him/her.
3. You have children
Enough said. You have a lot of responsibility raising kids. If you or your spouse dies, who will take care of the kids? Who will pay for their basic needs? Will they be able to go to college? Buy life insurance to ensure your children are cared for.
4. You stay home with kids
Some people don’t realize the value of a stay-at-home parent. It’s a luxury. A stay-at-home parent is a teacher, a chef, a janitor, a chauffeur, an events coordinator, an assistant, a facilities manager, a psychologist. A stay-at-home parent wears so many hats. If you or your spouse stays at home. How much would it cost to replace them? It wouldn’t be easy.
Here’s a fun infograph depicting how much a stay-at-home mom is worth, found here.
5. You own a business
Do you have a plan in place when you die? Who will take over your business? Can your partner(s) buy out your portion of the business? Can your employee hire someone to fill your role as CEO? You can purchase life insurance to benefit your partners {they can buy you out} or your employees {they can hire someone to run the company}. If you started a business, it’s important to plan how it continues, especially if you pass away prematurely.
Those are 5 reasons to buy life insurance, however it’s not limited to those. There are many other reasons to buy life insurance. The important thing is to plan & purchase. That will save your loved ones from stress in a challenging time. Our agency offers life insurance; we represent 20+ companies. If you want a quote, email me: sara@riskadvice.com. It only takes a few minutes, but it could save you or your spouse a lifetime of headaches.

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