Is Life Insurance Necessary?

The younger you are, the less likely it is that you are thinking about life insurance; however, the longer you wait to buy a policy, the greater the cost will be. As you age, your life insurance needs will adjust as you have children, get married, care for aging parents, or any number of other circumstances. If you don’t already have life insurance, here are the top reasons why you need it.

1. You Already Have Children or Are Planning To Have a Baby

If you are in the child planning phase of life, having life insurance helps ensure that there is money available after your passing to cover items like college education, mortgage, and other expenses so that your family does not suffer after you are gone. Life insurance becomes even more important if you are the breadwinner in your family because the payout can serve as income replacement.

2. Supporting Elderly Parents

If you are in the position of needing to support aging parents or loved ones, a life insurance policy can continue to provide the same level of care after you are gone. The life insurance payout can be used to cover assisted living, nursing facilities, and other medical expenses.

3. You Have Debt

Regardless of whether you have a mortgage or student loans, if you pass away unexpectedly those remaining debts do not automatically disappear. Instead, your spouse, parents, or another family member may be responsible for settling those debts.

At Prokop Insurance Services Inc. in Plymouth, MN our friendly team of insurance professionals can walk through your life insurance options and help you customize a policy that meets all your needs. Give us a call today to learn more.