Insuring the Times of Your Life | CA Benefits Group

Pre­ston New­by was a youth min­is­ter. He and his wife, Tara, were dri­ving with their son to vis­it family—excited to announce a new baby on the way. In the keep­ing with the kind of per­son Pre­ston was, he stopped to help at the scene of an acci­dent. That’s when he was struck by anoth­er car and killed. He was only 24.

For­tu­nate­ly, this young cou­ple had done their plan­ning and had bought life insur­ance. So despite the emo­tion­al upheaval that Preston’s death caused, Tara, a stay-at-home mom, and her two sons were able to car­ry on finan­cial­ly as they had before. You can watch their sto­ry here.

How many oth­er peo­ple have pre­pared like this for the unex­pect­ed? Unfor­tu­nate­ly, not enough: 43% of adult Amer­i­cans don’t have life insur­ance, accord­ing to the 2019 Insur­ance Barom­e­ter Study, by Life Hap­pens and LIMRA.

Many peo­ple think, “I’m young. That won’t hap­pen to me.” Sta­tis­ti­cal­ly they may be right. How­ev­er, they could be up being one of the sta­tis­tics. You just don’t know—and that’s the prob­lem. The solu­tion is life insurance.

If you have peo­ple you love and who depend on you, or you have finan­cial oblig­a­tions to meet, you need life insur­ance to pro­tect against the “what ifs”—at every stage in life. Here are just a few rea­sons you may need life insur­ance, or more of it, through­out your life.

Sin­gle with no chil­dren: You may think you don’t need life insur­ance, since you have no depen­dents, but if you owe mon­ey, you need it. It ensures that your debts, includ­ing stu­dent loans and funer­al expens­es, won’t be passed on to your fam­i­ly. Addi­tion­al­ly, if you are tak­ing care of aging par­ents or a spe­cial-needs sib­ling, or know you will in the future, life insur­ance is a smart way to make sure that care can con­tin­ue uninterrupted.

Mar­ried or part­nered: As you begin your lives togeth­er, you’ll like­ly incur joint finan­cial oblig­a­tions like buy­ing a home, in addi­tion to month­ly bills. It makes sense to pro­tect your spouse or part­ner with ade­quate life insur­ance. It’s also a smart move to get cov­er­age in place now if you plan on hav­ing a fam­i­ly in the future.

Par­ents with chil­dren: If you’re in the midst of this stage, finan­cial oblig­a­tions abound. Many cou­ples rely on two incomes to make ends meet and sin­gle par­ents may be their children’s one-and-only. Life insur­ance is crit­i­cal at this point. When fig­ur­ing out how much you need, remem­ber that the eco­nom­ic impact you have on your fam­i­ly can be mea­sured not just by how much you earn now, but by how much you’ll earn over the course of your work­ing life. Life Hap­pens’ Human Life Val­ue Cal­cu­la­tor can help you fig­ure out what that will be.

Emp­ty-nester­s/re­tirees: Your kids are on their own and your mort­gage is paid off, so you may think you don’t need life insur­ance. How­ev­er, if you are still build­ing your retire­ment nest egg, life insur­ance ensures that if some­thing hap­pens to you that your spouse or part­ner can still live com­fort­ably in retire­ment, despite any shortfalls.

Keep in mind, life insur­ance is a sim­ple answer to an impor­tant ques­tion: Would any­one suf­fer finan­cial­ly if I were to die. If the answer is yes, it’s time to sit down with an insur­ance professional.

By Mag­gie Leyes

Orig­i­nal­ly post­ed on

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