People with responsibility for others

For people who depend on you for support, a spouse, children or dependent adults, life insurance can play a fundamental role in their continued financial well being. In addition to making up for the loss of your income, the proceeds from a life insurance policy can be used to take care of funeral expenses and other costs such as a mortgage, loans or credit card payments. If you’re a stay-at-home parent, the role you play also needs to be covered because of the additional expenses associated with childcare if something happens to you.

People without family ties

Over the course of a lifetime, situations and responsibilities change. You’ve probably imagined how your life will look as you go through the many life transitions. Are you prepared financially for the changes? Have you considered how life insurance can help keep your life plans intact? Life insurance protection offers considerable flexibility and options during your life. Even if you are single, or you and your partner both work but don’t have a family, life insurance can still play an important role in your financial security plans. A life insurance policy can provide an efficient and cost-effective way to take care of any expenses or unpaid bills you might leave behind, such as legal fees and taxes, medical expenses, funeral costs, mortgage debt or car loans. It can also be used to leave a gift to a loved one or a favorite charity or to provide a supplemental income while you are alive.

People with estates to protect

Many people believe as they get older and become more financially independent, their need for life insurance decreases. However, over a lifetime, estate values tend to rise. Life insurance can help pay the inevitable taxes that are due on an estate upon death. This can ensure as much of your estate as possible is passed on to your beneficiaries.

Business owners

If you’re a business owner, either on your own or with a partner, you probably have personal liability for the debts of your business. In fact, the vast majority of your wealth is likely tied up in the business. You have a greater need to protect what you have built against unforeseen circumstances such as death and disability or to ensure liquidity for a variety of reasons including funds for retirement. In case of death, it is important that you have adequate insurance. Otherwise, the claims of business creditors could significantly reduce your personal estate and leave your beneficiaries without the financial security you had intended. Equally important is the smooth transition of ownership of the business to a family member, partners or a key employee. A life insurance policy can make this possible. Your business is an asset that provides income for your family, both while you are alive and after your death. It is also likely your largest asset and will provide you with a retirement income. Life insurance can ensure your family receives fair value for this asset at your death.

People who want to leave a legacy

You may wish to leave money to a favorite charity. Life insurance coverage allows you to leave a lasting personal legacy and provide your favorite charity with stable funding over the long term without reducing the estate available to your family or jeopardizing your future financial independence. A carefully arranged planned gift can be tax effective, and at the same time balance your final needs and the needs of your family.

People starting a child’s or grandchild’s insurance program

Life insurance provides a powerful foundation for building your child’s or grandchild’s financial security plan. Insurance can work as a flexible asset that grows along with your child. Premiums are relatively low for children and this low premium can be maintained throughout their lives.