Life insurance is a method of providing financial support to surviving dependents or other beneficiaries after the passing of the insured person under the stated circumstances.
People who could benefit from the use of life insurance:
Parents with minor children.
Life insurance can make sure the kids will have the financial amounts they need until they can fully support themselves.
Parents with special-needs adult children
This special death benefit can be used to fund a special needs trust that a fiduciary will manage for the adult child’s benefit throughout their life.
Adults who own property together
The death of one adult would mean that the other could no longer afford loan payments, upkeep, and taxes on the property, life insurance may be a good idea.
Elderly parents who want to leave money to adult children who provide their care
Many adults sacrifice by taking time off their jobs to care for an elderly who needs their help. Life insurance can reimburse the costs when the parent passes away.
Young adults whose parents incurred private student loan debt or cosigned a loan for them
Young adults rarely need life insurance, but if a parent is to take on a child’s debt after his or her death, the child may want to carry enough life insurance to pay off that debt.
Young adults who want to lock in low rates – The younger and healthier you are, the lower your insurance premiums.
Families who can't afford burial and funeral expenses
A small life insurance policy can provide funds to honor a loved one’s passing.
Businesses with key employees
If the death of a key employee would create a severe financial hardship for a firm, that firm may have an insurable interest that will allow it to purchase a life insurance policy on that employee.
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