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9 Signs You Need Life Insurance

If you think life insurance is only for people with kids, you may be missing out on an important financial planning tool. Ask yourself these questions to find out if you should take a closer look at your needs for life insurance.

1. Do you have a spouse or partner?

Anyone who depends on you may suffer a financial setback if something happens to you, and naming them as beneficiaries in your life insurance policy may give you peace of mind.

2. Do you have kids?

You want to do everything in your power to safeguard your child’s financial future. If you’re a single parent, you have even more responsibility resting on your shoulders. Life insurance can take care of their immediate expenses and provide funds for college and other future needs.

3. Do you provide financial help to parents, siblings, nieces and nephews or other loved ones?

Anyone who depends on you may suffer a financial setback if something happens to you, and naming them as beneficiaries in your life insurance policy may give you peace of mind.

4. Are you a caregiver for aging parents or family members with special needs?

The care you provide (including basic help with household or transportation needs) is important to your loved one’s quality of life. Life insurance can help cover the costs of their care if you’re not there.

5. Are you a stay-at-home parent?

You provide valuable support to the family, and it’s important to factor in the value that you bring to the family when considering life insurance needs.

6. Do you have grown children?

Even if your children are grown, there may be ups and downs as they find their way in the world. Life insurance may not be as critical at this stage as it was when they were small, but it can provide financial stability for your children if you die.

7. Do you own a small business?

A life insurance policy can be structured to protect your business and your family. For example, a policy could provide funds for a buy-sell agreement to sell your interest in the company and provide proceeds to your heirs.

8. Are you focused on charitable giving?

(And do you wish to name an organization as a life insurance beneficiary?) A life insurance payout can continue a legacy of donations to an organization you support financially.

9. Are you retired?

Life insurance may be instrumental in achieving your goals. For example, you may want to leave an inheritance for heirs or pay final expenses (funeral and burial costs) through life insurance.

Find out more about how life insurance can help protect your family’s future. Contact an insurance professional at Navigator Credit Union at (228) 474-3427 or at www.navigatorcu.org.