Do I Really Need Life Insurance?
So you are asking yourself, "Do I really need life insurance?" Well, you need to answer a few questions first:
Are you married? Do you have children? If you are gone, does your family have the income to cover mortgage, education, or other debts?
What if you are single? Does your extended family have the ability to pay potential unpaid medical bills, student loans, or funeral costs?
It is hard enough dealing with the possibility of not being there for your family, let alone them having to manage with the loss of income. The first step in life insurance planning is to determine the economic needs of your dependents, and what standard of living you want to maintain for them. These needs should be evaluated periodically as they can change over time, and your life insurance should be adjusted accordingly.
It may sound counterintuitive, but many individuals should have a declining need for life insurance as they get older, because fewer people remain dependent on their income. Think about it; do you need more life insurance when you are 40 and your kids are 10, or when you are 60 and your kids are 30 (assuming you and your spouse have saved for retirement)?
4A's Benefits can provide your employees with several life insurance plan options, including supplemental and dependent life insurance. Our plan designs are flexible with high limits and guaranteed issue at surprisingly low rates.