Life Insurance is an important coverage that many people don’t understand or prefer not to think about! While most people could benefit from life insurance, there are certain people that need it more than others. Let’s take a look:
Family Breadwinner: If your family depends on your income each month, then you need life insurance. If you have a dual income household, then BOTH of you need life insurance.
If a breadwinner were to die unexpectedly, it would cause severe financial hardship for most families. Research by the non-profit organization Life Matters shows that 60% of American households would feel the financial loss of a breadwinner in less than a month! This coverage is an easy, inexpensive way to prevent that from happening.
Stay At Home Parent: Even if you aren’t earning an income, you may still need life insurance coverage. Stay at home parents provide for the family in a different way, but it would require more income if their role had to be replaced.
For example, if a parent stays home with children, and were to pass away, the surviving spouse would need to pay for child care in the future. This previously unneeded expense would cut into the family budget quickly.
Wouldn’t it be better to have life insurance so that if the unthinkable happened, the surviving parent could stop working for a while and be with the kids?
Adult Who Cares for Elderly Parent: Frequently we only think of parents needing life insurance, but in reality, it’s necessary for anyone who supports someone else.
If you have an elderly parent who depends on you to provide financial support or even just day to day care, then you need some life insurance protection.
Personal Finance expert Suze Orman says “if a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance.” This is a great rule of thumb!
If you fall into one of these groups and would like to discuss life insurance for your situation, give us a call today for a no-obligation quote.
Zappia Insurance & Financial Group
Du Bois (814) 371-4901
Pittsburgh (412) 265-6383