Life insurance is something that many can opt into with employers. However, if you have your own business, you may think that you do not need life insurance. It is also possible that you will think that you need it, but do not make it a priority because of the additional cost. This could not be further from correct. There are five groups of people who absolutely need life insurance, and those who are self-employed are among them.
Kids All Gone
Most people know that when you have family at home that life insurance makes sure they are cared for when you pass on. They will then believe that when their children grow up and get lives of their own that you do not need to care for them anymore. They will cancel their life insurance, which leaves their spouse and any heir without support. Your life insurance ensures that your spouse will not have to worry about cutting things when you pass away, which can cause the pain of the loss to be experienced daily.
When you are single and in college, you may have a hard time believing that you need life insurance. You are building up a future and for your parents to help cover funeral costs if you die. The best part about getting a life insurance policy when you are young and single is the fact that the rates are much lower. This is the time to look for quotes to select a policy that covers what you need for the best rate.
Small Business Owners
Those who are self-employed for themselves, or have a work at home business, absolutely need life insurance. You are the cornerstone of the company. Your life insurance can be to help your business or use the policy as a business expense. Make sure your insurance policy is set up to take care of the company in the event of your death.
Stay at Home Parents
When you do not have a job outside of parenthood, it may be hard to see the need to pay for a life insurance policy. Your policy will help care for your children when you are gone. You may not be contributing to the family income, but you are eliminating the need for daycare, house cleaners, and taxi services. Parents that stay at home have a huge importance on the family by helping cut bills. Nannies and daycares are extremely expensive, and will be needed if you pass away.
The final group of people who need life insurance are those who have retired. Even though you no longer have money coming into the family, you still need an insurance policy. You are providing your family with a way to cover funeral costs and allow your spouse to remain in a retirement community. Your death will be very difficult for your loved ones, so making sure they are cared for is one less thing for them to have to worry about. Using quotes to get cheaper rates, you will not have to tax your budget while you are living to help those who survive your death.