As Baby Boomers continue to make their way towards retirement, many may feel they can do away with the added expense of life insurance. After all, in a large number of cases, the kids are grown and some of the larger expenses like college may be behind them.
But that doesn’t necessarily mean that you should get rid of your life insurance coverage quite so fast. In fact, in many ways, as people approach their golden years, they have even more reason to hang on to, or even add to, their life insurance protection. Here are 5 key reasons why:
At the time of his passing he didn’t have any life insurance; he died on a Wednesday and when we were at the funeral home on Friday we were met with the brutal realities that death has to offer. How could someone with a wife and three beautiful daughters not have proper life insurance?
You wouldn’t think of insuring half of your car, home or other important personal property, would you? Yet when people are looking to purchase life insurance, a common perception is that only some modest multiple of your income in terms of coverage is actually “needed.” However, this often falls short of what your actual earning potential would be over your lifetime – your so-called “human life value.”
Millennials under 25 concern for leaving their loved ones in a difficult financial situation if they were to die, with 38% saying they were “very” or “extremely” concerned. This infographic shows some other startling facts about their financial situation.
Starting out can often be hard: entering the workforce, getting married, buying a home, having a child. These are all first steps that can be as nerve-wracking as they are exciting. But it’s important not to forget a critical step during this time—putting a strong financial foundation in place with proper life insurance planning. Neglecting […]