Life insurance is not a luxury – it is a good investment and necessity today. It is a guarantee of financial protection for your beloved ones if you pass away. North Georgia Insurance Center in Commerce, GA prepared a list of main types of people, whose lifestyle requires them to have life insurance:
Many married people mistakenly believe that they do not need to spend money on life insurance unless they have children. However, if one of the spouses suddenly dies, the other one will face serious financial hardship by being unable to pay off all the debts, including credit card balances, mortgage, car loans, and others. In addition, there are also funeral expenses that are not cheap and need to be covered as well.
If your family members depend on your income, it is extremely important to get life insurance to protect them. After your death, they will be eligible for income replacement that will cover all the necessary expenses and give them financial stability, at least for a while.
Life insurance can be used to pay off estate taxes, business debts if you have any, and fund a buy-sell agreement. Life insurance even allows you, as a business owner, to fund a retirement plan for your employees.
You should think about the future of your kids, especially if you a single mom, and your child depends on you completely. If you are not around anymore, life insurance will provide your children with a safe financial net and stability after your death.
If you are retired and your kids are already grown independent people, you might think you do not need life insurance. It is a mistake. You still need it in order to protect your heirs from paying off high estate tax and make sure that your spouse can still afford the same good lifestyle you had lived before.
If you are shopping for life insurance and have any questions, North Georgia Insurance Center in Commerce, GA will be more than happy to assist you. Call us today for more information and a consultation.