Life Insurance

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If you are still unsure why you should invest in life insurance, you should ask yourself a question. If I am no more without an adequate life insurance cover, will my family be able to continue to enjoy the current lifestyle i.e. car payments, rent/mortgage, school/college education or they will have to make serious financial sacrifices and surrender the lifestyle to which they are used to.

WHO NEEDS LIFE INSURANCE?
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Married Couple

Many people believe that they don’t need to think about life insurance till they have children. NOT TRUE. What if one of you is no more tomorrow? Even with your partner’s income, would that be sufficient to pay off charges like credit card balances, car loans along with monthly rent and utility bills ? If you are planning family, you’ll have to buy life insurance now, instead of waiting until pregnancy— some companies don’t issue policies to pregnant women.

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Family

Life insurance makes sure that your plans for the future don’t die with you. Only a handful of smart families would build up alternate income. With the demise of one of the partner, family can meet financial commitments ranging from apartment rental or mortgage to routine living expenses provided family is adequately insured. Could the family continue maintaining their standard of living on a single partner income alone ?

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Single Parent

As a single parent, you’re the caretaker, bread earner, cook, driver and so much more. Single parents have inadequate insurance in nearly 4 in 10 cases and reports suggest that the family wished if they would have opted for a bigger cover than what they have. With this extra responsibility on a single parent, life insurance can share your burden and safeguard your children’s financial future.

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Children

A great way to save for your children’s future is to start a policy right from their birth. You can choose between a universal life insurance and whole life policy. The additional benefits of placing insurance at an early age are to lock the rates which are minimum for infants or younger one. A great option is a policy with investment component for your child/ren because you are not only beginning insurance but you also have a savings element that allows you to home tax free inside the plan. Some companies give you the option of covering up the premiums each month with extra money that goes into a collection fund.

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Stay-at-Home Parent

If you don’t earn money doesn’t mean that you don’t make a financial contribution to your family. With life insurance, your family can support to make the choice that best conserves their quality of life. Childcare, Transportation, cleaning cooking, and other household activities are all important tasks, the replacement value of which is often severely underestimated.

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You Have Grown Up Kids

In the event of loss of one of the partner, the living partner still needs to arrange financials to keep it going the same way as in the past. Even if the kids have cleared their college and the mortgage for car/home is paid off, it doesn’t necessarily mean that you no longer need life insurance. Would your financial plan, without life insurance, enable your partner to maintain the lifestyle she is accustomed to now in the long run?

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Retired People

After you die your successor could be hit with an estate-tax payment of up to 45% depending on the size of your property. Life insurance policy are payable immediately after your death allowing your family to take care of these taxes , funeral costs and other debts, without having to speedily convert into cash any property often at a fraction of their true value. Life insurance policy payments are generally income tax free and would not add up to your home tax, thus saving a lot for afterwards.

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Single People

Most the single persons think they don’t need life insurance because no one depends on them financially. But there are EXCEPTIONS. Some of the single people provide financial support for aging parents or a sibling with special needs or the cover may be planned for contingencies like accident, home care, loss of income etc. Others may be carrying powerful credit that they wouldn’t want to pass on to family members who survive them. Insurability is another reason to examine life insurance when you’re single. If you’re young, healthy, and have a good family health history, your insurability is at its peak and you’ll be rewarded with the best rates on life insurance

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Business Owners

Additionally taking care of your family, life insurance can also protect your business. In a worst scenario, if the business loses one of your instructor,Partner or a key employee, what would happen to your business? Life insurance can help many ways. A life insurance policy can be fixed to fund a buy-sell agreement. This would ensure that the remaining business partners have the funds to buy the company interests of a departed partner at a previous agreed price. In other circumstances, the family gets the money to protect a business against the death of a key Employee, key person insurance are payable to the Company which provides the owners with the financial viability needed to either hire a replacement or work out an alternative arrangement.