If you died tomorrow, how would your family be impacted financially? How would your family afford the home you’ve worked so hard to provide?
Planning ahead is a key part of protecting your loved one’s financial well-being. Without your planning, their financial fate may be uncertain. Once way you can prepare is to purchase life insurance, which can help be the foundation of financial security for you and your family.
Life insurance proceeds can help replace lost income, pay a mortgage, help fund a child’s education, cover debts and more. Life insurance can help provide financial stability for your loved ones and peace of mind for you, knowing you can continue to financial provide for your loved ones.
Life insurance is one of the greatest gifts you can give to those you love.
How Life Insurance can help at Different Stages of your life
While the financial responsibilities may differ, life insurance can benefit people at different stages of life.
Single
Single people may believe they do not need life insurance. Chances are you have people in your life who would be impacted financially if you were no longer around. Either by support you provide them or to cover your end-of-life expenses. Also, buying insurance when you’re young and healthy helps ensure you’re covered even if your situation changes.
Young adults, married
Life insurance is not only for those with families. Many young couples, even those without children, may have people who depend on them, whether it’s taking care of a parent or as the sole provider for their household. Life insurance is generally more affordable and easier to obtain when you’re young.
Married with children
Parents of young children should consider life insurance for both primary earner and a stay-at-home parent because life insurance could also help pay for the wide range of service that a stay-at-home parent provides. When you are young and in good health you generally qualify for a lower rate than when you are older.
Single parent
Single parents often assume dual responsibility as both the souce of income and caretaker of their children. Life insurance proceeds can help provide financial assistance in the event that a family’s sole provide and caretaker passes away.
Empty nesters and retirees
Many retired couples depend on Social Security and pension income to survive. When a spouse dies, those payments may be reduced as survivor benefits can be much lower than retiree benefits, but many of the ongoing expenses remain the same for the survivor. You can help protect your spouse from this reduction in income with life insurance, so a personal loss does not become a financial one as well.
Life insurance may also be part of your legacy-planning strategy or designed to help grandchildren accomplish important goals, such as completing a college education.
Business owners
Life insurance can be a valuable employee benefit and can help a business owner attract and retain employees. In the event of a key employee’s death, business-owned life insurance on key employees can help make it financially possible for the business to hire and train a replacement. Life insurance proceeds can also help the surviving partner or family members purchase a deceased owner’s share of the business.
Changes In Your Life
It’s a good idea to review your life insurance needs annually-or if significant changes or life events occur:
The birth or adoption of a child or grandchild
Getting married or divorced
Home Purchase
Job Change
Planning for retirement or college
Why Matthew Jackson Insurance Agency?
We know you have a busy life. With Matthew Jackson Insurance Agency, you can conveniently manage all of your insurance in one place with one agent. Your Farmers agent offers a free needs-analysis service that can simplify the process and help you determine the right life insurance for your situation. And, our multi-line discounts may save you money.
For more than one hundred years customers have turned to Farmers New World Life Insurance Company to help protect the financial security of their loved ones, the continuity of their business and the stability of their retirement incomes. For generations, in good times and bad, we have kept our promises to our customers and the ones they love.
Matt Jackson is associated with Farmers Insurance Group of Companies, one of the nations’s largest insurance groups, provided home, auto, business and life insurance, annuities and financial services.
We want to help make you smarter about life insurance now, because the more you know, the better you can plan for what’s ahead.
