3 Reasons for Life Insurance
#1 Reason people get and don’t get life insurance “KIDS”. Believe it or not having kids or not having kids is not a reason to get life insurance but it does help identify how much you may need. Think about the financing of raising a child. School trips, lunch money, cell phones, trendy clothing, movie night Friday, summer camps, Piano lessons, and college are all expenses. Maybe with the life insurance funds their living guardian will still insure they have the opportunity to use or waste the money they would have spent if you were here.
#2 Reason is Debt. Without it we may have to wait on the things in life that make us happy. With it we can have the larger homes to grow a family in, the nicer car to drive to work and give to the kids when they are older. It’s apart of the fabric of this country, if maintained and managed properly is great. But when no one is available to cover those payments your family has to risk their everyday lifestyle on the account no one is there to make those payments you signed up for.
#3 Reason wealth transfer. For the people who are in a position of financial strength, a new problem arises. How do transfer my assets and why is Uncle same the first person with his hand out. These issues can become a real problem as you start to add up the accomplishments of your years here on Earth. Speaking with a financial adviser you may find a combination of life insurance and other estate transfer tools may give your family more peace of mind when the day comes for you to no longer be here.