At Phil Klein Insurance Group, we always receive this question from our West Bloomfield, MI clients: Do I need life insurance? The answer to this question isn’t a straightforward one. To determine if you need life insurance, we need to understand the situation you are in. That said, if you belong in the below categories, you need a life insurance plan the soonest as possible.
You have a spouse
If you have a life partner, they depend on your income to make household expenses and other expenses like mortgage payments. Without life insurance, it could be devastating if they lose your income contribution.
You have children
With children, bills like school fees and child care become unavoidable. To ensure that your children’s lives aren’t interrupted in your absence, you need life insurance to replace your income when you die.
You have debts
Your debts won’t disappear when you pass away. If you have a mortgage, student loan, or credit card, joint owners and co-signers and probably your loved ones will be left bearing the financial burden of your unpaid debts.
You want to take care of your funeral expenses
Did you know that an average funeral in the US costs about $7,000 to $10,000? Of course, this cost can go up depending on your final wishes. You can save your loved ones this financial burden by purchasing life insurance. With life insurance, your loved ones can mourn in peace without bearing the headache of your funeral expenses.
You have a business
If you have a business, you may have a partner and employees that depend on you. If you die, you may leave them in financial shambles because they relied on your financial contribution. Thankfully, life insurance can help your employees and business partner buy time as they think of the next course of action.
Buy life insurance today!
Would you like to buy life insurance in West Bloomfield, MI? Please contact Phil Klein Insurance Group to help you buy a life insurance plan to take care of your interests when you pass away.