Who Needs Life Insurance and When Should You Get It?

Who needs life insurance? The better question may be: who doesn’t need life insurance? Each day, your focus is on your dependents’ needs, hopes, and dreams (as well as your own). But what if you’re no longer there to provide for your family members? Maybe you’re helping an elderly parent pay a few extra bills. You may be responsible for a business and all the employees that count on you each day. How will they be protected if you’re not around to provide for them?

Fortunately, when the “what ifs” plague your thoughts, the best life insurance companies will help you navigate policy specifics. We’ll guide you toward the policy individualized to you and your beneficiaries. We’ll even discuss the best time to purchase your policy.

You’re a Parent, Caretaker, and/or Guardian

Life insurance is essential for anyone that has dependents relying on them for some type of income or assistance. Even stay-at-home parents need life insurance since the surviving children may need daycare, after school care, or tutors. Also, current funeral and burial expenses average over $7,000, so everyone in your family should have a policy.

Furthermore, if you’ve co-signed a loan, your death may leave the co-signer with the full balance. A life insurance death benefit can take the anxiety out of co-signing situations.

You’re a Business Owner

Entrepreneurs and business owners hold debt and have great responsibilities. Who will replace you? According to PolicyGenius.com, “Many business owners will have life insurance because they are married or have children, but they may need an additional policy to protect their business partners and employees. In this case, the business or the business partner could be the beneficiary, and the policy would ensure that the business would be able to keep operating even if you die.”

When Should You Get Your Policy from the Best Life Insurance Companies?

In many cases, buying life insurance at a young age  — and before you acquire major health conditions — may lock you into a lower premium. You’re also not likely to be disqualified due to particular medical conditions.

Unfortunately, you’re probably also in that stage of life where you have a mortgage, credit card debt, college debt, and even vehicle loans. Debts will fall to your loved ones when you die, so life insurance is crucial. What do you do when you realize that you need life insurance, but you can’t fathom taking on more bills? Investopedia.com suggests, “If money is tight, a term life insurance policy can offer a financial safety net for your family. If you purchase permanent life insurance, owning it over many years will give the cash-value component of the policy time to grow.”

Even if you’re not currently a parent, caretaker, guardian, or business owner, the fact that you may foresee taking on one or more of these roles in your future should make you pick up the phone. Contact the best life insurance companies, like us at Narvaez Insurance in Napa, to discuss the advantages of a policy: 707-927-3204.

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