Life Insurance Awareness Month
September is Life Insurance Awareness Month

Who Needs Life Insurance?

CONSULT AN AGENT NEAR YOU

Please complete and send the form below and we'll have a New York Life agent in your area contact you at your convenience.

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If someone depends on you financially, chances are you need life insurance. Life insurance provides cash to your beneficiaries after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like daily living expenses, mortgage payments, and college savings. What's more, there is generally no federal income tax on life insurance benefits.

Most Americans need life insurance. To figure out if you need life insurance, you need to think through the worst-case scenario. If you died tomorrow, how would your loved ones fare financially?

Would they have the money to pay for your final expenses (e.g., funeral costs, medical bills, taxes, debts, lawyers fees, etc.)? Would they be able to meet ongoing living expenses such as the rent or mortgage, food, clothing, transportation costs, healthcare, etc? What about long-range financial goals? Without your contribution to the household, would your surviving spouse be able to save enough money to put the kids through college or retire comfortably?

The truth is, it's always a struggle when you lose someone you love. But your emotional struggles don't need to be compounded by financial difficulties. Life insurance helps make sure that the people you care about will be provided for financially, even if you're not there to care for them yourself.

How might life insurance fit into your financial plans if...

You are married
Many families depend on two incomes to make ends meet. If you died suddenly, could your family maintain its standard of living on your spouse's income alone? Probably not. Life insurance makes sure that your plans for the future don't die when you do.

You are a single parent
As a single parent, you're the caregiver, breadwinner, cook, chauffeur, and so much more. Many single parents have no life insurance whatsoever, and many with coverage say they need more. With so much responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your children's financial future.

You are a work-at-home parent
Just because you don't earn a salary doesn't mean you don't make a financial contribution to your family. Childcare, transportation, cleaning, cooking, and other household activities are all important tasks, the replacement value of which is often severely underestimated. Could your spouse afford to pay someone for these services? With life insurance, your family can afford to make the choice that best preserves their quality of life.

You are a small business owner
Besides taking care of your family, life insurance can also protect your business. What would happen to your business if you, one of your fellow owners, or perhaps a key employee, died tomorrow? Life insurance can help in a number of ways. For instance, a life insurance policy can be structured to fund a "buy-sell" agreement. This would ensure that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. That way, the owners get the business and the beneficiaries of the deceased get the money. To protect a business in case of the death of a key employee, "key person insurance," payable to the company, provides the owners with the financial flexibility needed to either hire a replacement or work out an alternative arrangement.

You are single
Many single people don't always see the value in life insurance because, in some cases, no one depends on them financially. But there are exceptions. For instance, some single people provide financial support for aging parents or siblings. Others may be carrying significant debt that they wouldn't want to pass on to family members who survive them, (e.g., education expenses). If you're in these types of situations, you should own life insurance because you wouldn't want your loved ones to be burdened financially in the event of your premature death.

Consult an agent

Click here to schedule a free appointment with a New York Life agent.

  

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    Who Needs Life Insurance?

    CONSULT AN AGENT NEAR YOU

    Please complete and send the form below and we'll have a New York Life agent in your area contact you at your convenience.

    • *
    • *
    • *
    • *
    • *
      *
    • Phone*
      - -
    • Home or work?
      Home Work
    • Best time to call
    • Birth Date
      - -
      Why?
    • (please click only once)

    • * = required

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