Why Should I Have Life Insurance?



Why Should I Have Life Insurance?

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Some reasons to have life insurance:

  • To replace your lost income for your family

  • Your spouse may need to take additional time off from working and could use the life insurance to replace their income during that time. Or maybe your spouse will have to go back to work or will have to hire additional assistance to care for your home and your children.

  • To help pay for your children’s college

  • To pay off debt - like a mortgage, car loan, or TAXES

  • If your estate is in probate and the beneficiaries need money to pay for things (like your funeral costs or attorney fees) until it is out of probate, life insurance proceeds can be used during that time.

  • To leave an inheritance

  • To provide a gift to a charity at your death

  • To buy out your business partner’s beneficiaries from their inherited part of your business.

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