When do you need life insurance?
Does someone in your family depend on your income?
Income replacement is often one of the biggest reasons people often choose life insurance. If you have loved ones who count on your income, it makes sense to ensure that they have the financial resources to maintain their lifestyle if something were to happen to you.
Do you have outstanding debt such as a mortgage or student loans?
Covering debt is another big reason to evaluate your life insurance coverage. You’ll want to look at how much debt you have, including credit cards, car loans and home loans, and determine whether you have enough assets to cover these debts if your income was suddenly gone.
If you have children, will they have additional needs like college tuition?
You’re working hard to create a great life for your family, but would your kids still be able to achieve the goals you have for them without your income? Consider whether your family could afford to send your children to the college of their dreams without you. More importantly, could they afford to send your kids to college at all?
Stay-at-home spouses: How much will it cost to replace what you do for your family?
It’s an often-overlooked item, but consider this: even stay-at-home spouses play a critical role in keeping families running. Laundry. Errands. Cleaning. Child care. What would it cost if you had to hire someone to help with these daily activities?
When should you consider life insurance?
There’s probably never been a better time. Generally, the younger you are, the less expensive it is. And survey results indicate that people think life insurance is far more expensive than it actually is.1 Take a minute today to find out how little it will take to insure your family’s future.
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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.
Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.
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