Why You Need Life Insurance
If someone will suffer financially when you die, you need life insurance to provide cash for your family after your death. This cash, known as the death benefit, replaces your income and can help your family meet many important financial needs such as funeral costs, daily living expenses and college funding. What’s more, there is no federal income tax on life insurance benefits.
As Your Life Changes, So Do Your Insurance Needs
- If you are a newlywed, you may be purchasing a new home and starting a family. If something should happen and you were left alone, life insurance would be there to cover the mortgage payments and replace lost income.
- Once you have children, the need becomes even more important. Future education and living expenses can be protected in the event of a sudden death.
- If you own a business, you may want to buy life insurance to protect the company you’ve built. If something should happen to you, your business could carry on. At the very least the future income you had hoped for can be realized for your family.
- If you have business partners, "Key Man" life insurance can completely buy out a deceased partner's share, protecting that partner's family and the business.
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Disclosure: CBA is a social enterprise that receives affiliate or broker commissions from companies that provide financial wellness products and services and other benefit programs to our members. A minimum of 10% of all CBA profits are directed to youth education initiatives.