Life Insurance- You Need It!

  • Post last modified:April 22, 2020
  • Post Category:life insurance

Few insurance policies are more important and essential to the continued livelihood of your family than life insurance.  You love your family more than anything; so don’t leave them with little to nothing when you’re gone. Simply stated, if someone will suffer great financial hardship when you pass away, then you need life insurance. Investing in a ct life insurance policy will give you the peace of mind and assurance that your family will be well taken care of when you’re gone. 

Since everyone’s family situation is different, there are unique life insurance policies that are tailored to fit each family specifically.  Whether you are married with five kids, or a single parent, there’s a life insurance policy for you.  Theses are some of the more common family situations that policies can adapt to:

Married: When you’re married, you share everything with your significant other, including your financial obligations. Many people mistakenly believe that they don’t need to think about life insurance until they have children. Not true. What it one of you were to die tomorrow? Even with the surviving spouse’s income, would that person be able to pay off debts like credit-card balances and car loans?

Married with Children: Most families depend on two incomes to make ends meet. If you died suddenly, could your family maintain their standard of living on your spouse’s income alone? Life insurance makes sure that your plans for the future don’t pass away when you do.

Single Parent:  You’re the caregiver, breadwinner, cook, chauffeur, and so much more. Yet nearly four in ten single parents have no life insurance whatsoever, and many with coverage say they need more than they have. With so much responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your children’s financial future. 

You Have Grown Children:  Just because the kids are through college and the mortgage is paid off doesn’t necessarily mean that Social Security and your savings will take care of whatever lies ahead. If you passed away today, your spouse will still be faced with daily living expenses. What if your spouse outlives you by 10, or even 30 years?  Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you worked so hard to achieve? And would you be able to pass on something to your children or grandchildren? 

You’re Retired: Did you know that depending on the size of your estate, your heirs could be hit with a large estate tax payment after you die (45% of your estate)? The proceeds of a life insurance policy are payable immediately, allowing heirs to take care of estate taxes, funeral costs, and other debts without having to hastily liquidate other assets, often at a fraction of their true value.  Life insurance proceeds are generally income tax free and can be arranged to avoid probate.

Regardless of your situation, a Connecticut life insurance policy is absolutely essential in maintaining your family’s stability.  Don’t let your family suffer financially when you’re gone.  Give them and yourself peace of mind with a policy today.