Though life insurance gets used for many reasons, the chief purpose of this policy is to safeguard your family and loved ones upon your demise financially. It ensures that your beneficiaries will have the financial resources needed to maintain their lifestyle. It can be utilized to pay the outstanding debt or used as income replacement. Do you still need life insurance at all in Wilkes-Barre, PA? Get in touch with our charismatic agents at The Shay Agency serving Wilkes-Barre, PA and its environs, and familiarize yourself with different life insurance coverages that suit your needs and lifestyle.
Do you need life insurance?
The easiest way to ascertain if you need life insurance in Wilkes-Barre, PA is to assess your family structure, financial status, and responsibilities. Life insurance isn’t a one-size fit; undertaking this can help you understand better which life situations you would benefit from having a policy. The following categories of groups may need life insurance.
If you are a parent
Being a parent is a rewarding and significant milestone we envy to attain in our lifetime. This period has substantial financial impacts. When you have children, a life insurance policy helps your spouse cater to the day-to-day living expenses, cover child care, and pay significant debts. Upon your demise, the proceeds of life insurance can ensure that your kids get exemplary care.
Parents with young kids or special needs dependents
Regrettably, many adults start thinking about life insurance for the first time after the baby’s arrival. Unless your family can get comfortable with your savings, which sometimes is rare, you need coverage that can help you take the general care and all the outlays that go along with raising kids like sports and recreation fees, daycare, and children’s tuition. The life insurance policy also gives financial security for special needs dependents such as specialized care through the death benefits beneficiaries get after their death.
Older adults Without Savings
Retirement-age adults devoid of a massive amount of savings to draw on might require life insurance coverage to cater to funeral or burial costs after they die.
Other vulnerable groups include:
- Business owners
- Adults with private student loans
- Spouses who provide most of the income
Getting more information about a life insurance policy is instrumental in getting good coverage in Wilkes-Barre, PA. Call or visit us at The Shay Agency and get comprehensive information about life insurance coverage.