Life Insurance aka LOVE insurance

Do I need life insurance?

If someone depends on you financially, you are most likely someone who needs life insurance.

Life insurance provides cash to your family or loved ones after your death. This cash, known as the death benefit, replaces your income and the many non-paid ways you support your household. Your family can use this cash to pay for expenses like funeral costs, a mortgage, college tuition and more.

Just a few examples of people who often answer “yes” to the question of “Should I get life insurance?” include:

Married or partnered couples

Many partners find it difficult to make ends meet without the other earner’s income in the picture.

Married or partnered couples with kids

In addition to losing one partner’s income, the surviving parent may have to pay for childcare and more without the other parent around to pitch in.

Single parents

As the sole income earner for your family, you’ll want to think about how to replace your child’s only source of financial support.

Stay-at-home parents

From cooking meals to shuttling kids to school to helping with homework, stay-at-home parents perform many critical responsibilities that would be costly to outsource.

Empty nesters

Many surviving partners would not be able to maintain the lifestyle they worked so hard to achieve without life insurance.

Retirees

Depending on the size of your estate, your heirs could be hit with an estate-tax rate of up to 45%. Fortunately, cash from a life insurance policy gives heirs access to tax-free money to pay for immediate costs and more.

Business owners

Life insurance can help your business in many ways if you, a fellow owner or a key employee were to pass away

Call us at: 818-365-3139 PM Insurance Services and let us help you.

 

 

Credit: LIFE HAPPENS.org

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