Why do I need
Life insurance proceeds may help your family:
- Pay the mortgage
- Maintain their current standard of living
- Fund the kids college education
- Pay for final expenses
With Life insurance, the answer is - you will. Life insurance proceeds may help your loved ones to replace the income they depend on from you. At its most basic, Life insurance may help you keep your final expenses from being a burden on those you leave behind.
Consider the coverage you would need to ensure you family's financial security.
Life insurance can be a financial tool for those approaching retirement.
New baby? Getting Married? With the changes in your life, you may need to consider Life insurance or add more Life insurance.
Though not a pleasant thought it's important to think about this: when you die, who will you leave behind? If your answer is a spouse or children, then consider how they will survive without your income. The mortgage will still need to be paid; other bills will still come due; then there are your kids' college plans.
Bottom line: Most things that your income currently pays for or helps to pay for won't go away if something happens to you.
One solution: You may want to consider Life insurance - an effective income replacement tool.
Although there are several methods available to determine replacement needs, you may want to consider using a multiple of your current salary. A Farmers insurance agent can work with you so you can determine what suits your individual situation.
Some of the factors that may influence how much coverage is appropriate include:
Interestingly, Life insurance can be a useful tool for many individuals and families who are approaching retirement as well as for those who are already retired.
Most of us buy Life insurance to replace the loss of income that would occur should we die or to create an estate for our loved, but there are many other reasons:
Many retired couples depend on Social Security and pension income to survive. When one spouse dies, those payments may be reduced - survivor benefits are often much lower than retiree benefits - while many of the ongoing expenses remain for the survivor. You can help protect your surviving spouse from this reduction in income with Life insurance. The death benefit can replace your missing income so a personal loss does not become a financial one as well.
It's a good idea to review your Life insurance needs annually - more often if significant changes or life events occur. Here are some major life events that might trigger the need to re-evaluate your life insurance coverage:
If you haven't completed a Life insurance income replacement analysis, or if any of the life factors discussed above have changed, call your local Farmers agent. They can work with you so you can make sure you have the coverage you want. You can't guarantee that you will always be around to provide your family with an income, but you can help ensure your family's financial security should something happen to you.
Life insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave SE, Mercer Island, WA 98040. Products and features may not be available in all states and may vary by state.