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Why should you have Life Insurance? Accidents happen. How prepared you are to handle these adverse situations will define not only your own life, but the lives of your loved ones. Whether for mortgage protection, income replacement, final expenses, or college funding, life insurance will protect the people closest to you. And remember, the earlier you decide to prepare for the future, the better!
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7 Primary Life Insurance Buying Triggers:
Advice from a Trusted Individual– When it comes to purchasing life insurance, consumers rely more on the advice of trusted advisors than anything else (financial advisors, insurance agents, financial institutions.)
Pregnancy/Birth of a Child – Most first-time life insurance purchases are the result of becoming a new parent or from deciding to have more children.
Marital Status Change – Marriage or divorce is a very logical time to purchase life insurance because new couples are taking appropriate actions to protect their spouse in the event of a tragedy, and most divorce decrees require it.
Job Changes – Promotions or change of employer stimulate life insurance purchases. Individuals in this category are faced with new benefit packages, uncertain financial security, or they may simply have a greater need for asset protection and coverage.
New Address/Mortgage – A primary reason for people to purchase life Insurance is to protect a mortgage. “Credit Life Insurance” is often available but overpriced; it is usually less expensive for consumers to obtain life insurance through a trusted advisor.
Death of a Loved One – Unfortunately, sometimes it takes a wakeup call to motivate people to buy life insurance. At these times, financial burdens due to loss of life become very apparent for the survivors, proving the value of life insurance.
Business Uses – Businesses have several uses for life insurance; most notably Key Person Insurance and Insurance to Fund a Buy/Sell Agreement.
Say you are in business with a partner. You like your partner’s spouse but are not confident that you would like to be in business with them should something happen to your business partner. Life insurance allows the business to buy out the surviving spouse and, in this case, you would be left with 100% ownership while the surviving spouse would be awarded cash, not equity. This generates a very positive outcome in place of a potentially unfortunate situation.