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This article was reviewed by Andrew Flueckiger, a member of the Finder Editorial Review Board and certified insurance counselor and licensed insurance agent in five states.
Life insurance is primarily designed to replace your income, so if you’re a breadwinner with financial dependents — like a spouse and kids — that’s a good reason to purchase a policy. That way, if you die prematurely, your policy kicks in to help your family maintain the lifestyle they’re accustomed to.
Breadwinners aside, think about the financial contributions and needs of other family members. You could consider:
Coping with the loss of a loved one is hard enough without having to worry about the financial impact. To financially protect your family, consider putting coverage in place for each family member. If someone in your family passes away unexpectedly, their life insurance policy would kick in to help you cover funeral costs, outstanding debt, mortgage or rent payments, and other everyday living expenses.
There are a few ways to purchase life insurance for your family. You could take out:
To help you find the right life insurance policy for your family:
The death of a parent can not only take a huge emotional toll, but it could leave you with additional financial burdens — like unpaid medical bills and burial costs.
To protect yourself financially in case of an unexpected loss, consider taking out life insurance for your parents, all you’ll need is their consent. By doing this, you’ll have access to funds while you’re grieving.
There are various types of life insurance available for elderly parents:
As a general rule, the older your parents are, the more expensive your premiums will be since your rates are based on the results of your parent’s medical exam. The reason isn’t subtle: Thanks to their age and health, elderly people have a lower life expectancy, which means there’s a higher chance your insurer will have to pay out the policy.
One of the major decisions many people have to make when buying life insurance is whether they should take out single or joint policy.
However, it’s important to remember that taking out joint coverage does have a few advantages and disadvantages:
To buy life insurance for a non-family member, you’ll need to do two things:
The payout from a life insurance policy can be used however you wish. Typically, people use the money to cover:
In addition to calculating the family’s current and future finances, there are other factors that you need to think about when determining your family’s life policy coverage:
It’s essential to calculate your family’s needs to figure out what sort of expenses that would need to be accounted for if you were no longer around. This will help you find the policy that makes the most sense for your family and give you an idea of the appropriate amount of coverage to apply for so you’re not being over insured and paying too much in premiums.
Finding an affordable life insurance policy for the whole family may take a little bit of research, but that return on time invested will ensure that your family is financially protected when the unexpected happens.
With everyone under your roof covered, you won’t have to worry about who’ll take care of the mortgage, loan payments, credit card debt, cost of college or any other expenses that come up if you’re no longer around.
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