What Types of Insurance Do I Need to be Legal?
If you are considering any type of Denver Insurance to purchase, the most important insurance you can have is life insurance. This is because life insurance not only will take care of your family in the event of your sudden death, but it can also protect your mortgage, take care of your special needs child, and make sure that your funeral expenses and debts are not left to your loved ones.
Despite this, only 70% of Americans believe that life insurance is necessary to have, and 41% of Americans do not hold life insurance. This guide will explain to you why you need life insurance, and why it will help to keep everything legal in case you do perish.
Income Replacement
If you pass away suddenly, your family might be left with bills and everyday expenses. Especially if you are the primary breadwinner in your family, this could devastate them. Although you do not want to think about this happening, it is a possibility. If you have term life insurance, then you can cover the rest of your working years and ensure a good quality of life for your family.
Stay At Home Parent
If you are a stay at home parent and you suddenly die, then who will be there to look after your child and take care of the childcare duties? This might put a huge financial burden on your family. In this case, term life insurance would be a good option again. This will cover services that a parent does for free, including child care.
Separated Parent Death
For those who are divorced or separated from the other parent of their child, if that parent pays child support and suddenly dies, you may be left with high costs that you are unable to cover. In this case, term life insurance would cover the rest of the years of support that you need to survive.
Parent of Child With Special Needs
When you have a permanent life insurance plan, it means you are provided a payout no matter when you die. This provides you with security for your child, especially if they are unable to work or care for themselves.
If You Own a Mortgage
Having a term life policy provides your family with monetary value to cover their mortgage if you die. This is important because it means they will not lose their home, nor the place that they live. Death can be a very difficult thing to handle anyway, but along with the foreclosure of the family home, it can be devastating.
Co-Signed Debt
For those who have co-signed their children’s debt, such as student loans, or even credit cards, term life insurance will be there to cover your beneficiaries. This is important because you chose to co-sign, and they may be stuck with a huge payment that ruins their life should they default.
Life Insurance is Always a Good Plan
There are many reasons why you might want to purchase life insurance, and most of these are to protect your family legally. Whether you have a high net worth, you want to ensure your inheritance to your family, or you are a business owner, life insurance is always a good plan.
