If you've recently purchased a home, life insurance is a great option to cover the expense of a mortgage payment. This will also help support any co-signers on your home in the event that you unexpectedly pass away.
If you are the primary breadwinner in your household, life insurance can help your loved ones pay for living expenses, tuition, debts, and other expenses your income supported.
Your role as a stay-at-home parent is just as important as if you were working outside of the home. If you're caring for your children as opposed to paying for childcare or managing a household rather than paying for services, odds are you're saving a huge amount of money. Life insurance will help fill these gaps for your family.
As a parent, you're responsible for protecting your kids, and this includes providing financial stability for them. Having adequate life insurance in place can help make their lives easier and filled with less hardship. If you're a single parent, it's important to dot all your I's and cross your T's when it comes to providing financial security for your family since there is no other income to fall back on. How would your kids' lives change if they didn't have your income and support? It's a tough topic to think about, but it's wise to prepare with insurance to ensure that they can continue to live comfortable lives.
Individuals With High Debt
Even if you're single and rent, or live with your parents, you may want to consider getting a small life insurance policy if you have a lot of debt. Some student loans won't be discharged due to bankruptcy or death. This coverage can help alleviate this financial burden on your loved ones.