You May have Life Insurance, but do your Spouse and Children? Your Aging Parents?
Life Insurance
You may have Life insurance, but do your spouse and children? Your aging parents?
You’ve got Life insurance, and that’s great, but have you looked into coverage for your spouse, your children, or your parents? As you might have guessed, covering the whole family is essential.
Term Life Insurance for Every Life Stage
Choose from a selection of Group Term Life insurance plans for the protection your family needs.
Let’s first focus on Life insurance for your spouse or partner. To start, figure out who your dependents are and what your shared financial responsibilities are—like debt, mortgage payments, and college costs. Add to that the non-financial responsibilities that you’d need to pay for in your partner’s absence—like childcare, food preparation, and lawn care.
While your children may not be the breadwinners, covering them at an early age may help secure affordable premiums and protect their insurability. And, worst-case scenario, Life insurance benefits would help cover their funeral expenses, if ever needed.
If your parents help with household expenses, you may want to consider coverage for them. And, if these same parents also contribute to the care of your children, that’s even more reason to make sure they’re insured. At the very least, you should have some insurance for your parents’ final expenses. The median cost of a funeral today is $7,8481 and the predicted cost of a funeral in the future is more than double that.
1 National Funeral Directors Association, April 2022.
