5 Life Events That Are Good Reasons to Buy Life Insurance
The question often asked is “when should I buy life insurance?”. Life insurance should be considered when you go through certain life events. If you have gone through any of these 5 life events, it probably makes sense to start looking at getting yourself life insurance coverage. Life insurance offers an inexpensive option to protect those that rely on your financial support. So what are 5 live events that should make you think about getting life insurance?
1. You got married – Getting married is a big milestone in life. You are now most likely comingling finances with your spouse and sharing the responsibility of paying off mutual and individual debts. But what happens if one of you unexpectedly passes away? Do you really want to leave the burden of paying all the debts on your surviving spouse?
2. You started a business – Starting a business is a big step. Life insurance in business planning can be used in several different ways. The use of a buy/sell agreement can insure that a business will continue after an owner/shareholder has passed away. It will also allow heirs of the decedent to receive a fair price for the decedent’s share of the business (assuming there is more than one owner/shareholder). A life insurance policy can also be used to make sure that there are ample funds to wind down a business if a business is to be closed after the owner’s death.
3. You start a family – A no brainer – this is probably the single most important reason to own life insurance. The cost of raising children is pretty steep, especially when you factor in the cost of college. Life insurance will allow your children to have the quality of life that you desire if you pass unexpectedly.
4. You Support your parents – Many children find themselves financially supporting aging parents. Life insurance can provide the protection needed to give parents the funds they need to survive should you pass unexpectedly.
5. You buy a house – Owning a home is a long term and expensive commitment when you factor in mortgage payments, maintenance and taxes. Buying a life insurance policy can protect your loved ones from all of these expenses should something happen to you. At a minimum, it will allow them to remain in the home giving them time to decide on their future living arrangements.
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.
