Life Insurance
People need life insurance to protect others financially against the loss of their income or support if they pass away.
- Income replacement – If others depend on your
paycheck (spouse, kids, aging parents), life insurance
replaces that lost income. - Debt coverage – Pays off a mortgage, car loans,
or other debts so family isn’t left with the burden. - Final expenses – Covers funeral costs and
medical bills, which can run $10,000+. - Income/estate planning – Can fund a child’s
education, leave an inheritance, cover estate taxes, or build
a foundation - Business protection – Business owners use it to
fund buy-sell agreements or protect against losing a key
partner. - Peace of mind – Reduces financial stress and
uncertainty for loved ones during an already difficult time.
Who typically needs it most:
- Parents with dependent children
- Spouses who share household expenses or
debt - Anyone with a mortgage or significant debt
- Business owners/partners
- People supporting aging relatives