How Do You Determine Your Life Insurance Needs?

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mother and daughter cookingThe determination of your life insurance needs depends on the way you currently live your life, and how you want those left after you to maintain their lifestyle once you are gone.
Life insurance is not simply for the married or supremely wealthy. Purchasing Life insurance (and specifically Whole Life insurance) is a prudent step no matter what stage of life you are in.
There are basics to consider before purchasing, therefore the first step perhaps is taking a personal self -assessment of your life in order to evaluate your life insurance needs.


Are you married? Then a Whole life policy is for you.
Do you have children? Then a Whole life policy is for you
Do you own a business? Then a Whole life policy is for you.
Do you have young siblings with special needs? Then a Whole life policy is for you.
Do you have debt? Then a Whole life policy is for you.
Even if you answered no to all of the above, a Whole life policy could still be an excellent mode of insurance protection for your life while you are living it, as it changes, and of course, when it ends.

The Basics

If you do fall into the category of married with children, then your need for insurance will be determined by how much they will need financially to sustain the type of lifestyle they had while you were alive.
If you are able to add business owner to your category, then your need for life insurance will increase to cover expenses of the business. Especially if your business is the sole income for your family.
If you find yourself a part of all groups listed above, and can add siblings that would be in financial need, or you have a lot of debt; then most assuredly you will benefit from a Whole Life Policy.

Even if you are single, you still can benefit from a Whole life policy. More than likely you will have incurred some level of debt. And whether you have dependents or not, whomever claims your body one day, also claims your debt.
And whether or not you fit into any of these categories now, and odds are, you will at some point, a Whole Life insurance policy is one that will aide you in planning for your retirement.

Life Insurance Needs to Consider
– Final Expenses
– Uncovered Medical Bills
– Outstanding Debt
– Continued Cost of Living for Dependents
– Financial security
– Retirement Planning

Why a Whole Life Policy?

Now that you have done a basic life assessment and have considered some of the basic needs you may have (either now or in the near future) that would qualify you for life insurance; why should you consider a Whole Life Policy?
A Whole life policy can potentially afford you the most regardless of what category of need you may fall into. With a Whole Life policy, you are able to adequately plan for the future, for yourself, your dependents, business, and even other family members who may end up depending on you.

Because Whole life policy has an inherent cash value, you are simultaneously able to cover any outstanding debt, such as uncovered medical bills, business expenses, etc. As well as receive your guaranteed death benefit.

No matter your stage of life, you do fall into the ‘needs’ category of insurance. So consider talking to an agent today to start the process toward planning for your future and enjoying your today and every day.

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