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Health & Fitness

Don't need life insurance? Really?

Nobody is immune...

“The reality is most people need life insurance,” says Stephen Rothschild, chairman of the Life and Health Insurance Foundation for Education.1 So before you say no to life insurance, take a look at these groups that often think they don’t need life insurance and see how it may help them:

  • Empty nesters/retirees. Your children may be out of school and building a life of their own, but your spouse may still need income if something happens to you. If your spouse outlives you for 10, 20 or even 30 years, would your current financial plan provide adequate funds to ensure your current standard of living? What about a legacy for your children and grandchildren? Finally, a permanent life insurance policy that builds cash value may provide a financial safety net for future unexpected needs or opportunities.
  • Singles without children. Being unmarried doesn’t necessarily mean being alone: In all likelihood, your death would have a financial impact on others. Who is going to pick up the remaining tab for your debts, mortgage, funeral, car loan and other responsibilities? Also consider that life insurance purchased today can protect your future insurability. When you’re young and healthy, life insurance is generally cheaper — buying the right policy early in life helps to eliminate the risk that later health issues will make you uninsurable, or saddle you with hefty premiums.
  • Stay-at-home parents. You may not earn a salary but you make a tremendous “financial” contribution to your family. You provide many services: Child care, transportation, cleaning, cooking and other household activities are all important tasks, the replacement value of which is often severely underestimated. Some estimates peg the value of these services at over $40,000 per year.2 Could your spouse afford to pay for these services if something happened to you? Life insurance may help provide your family with the financial freedom to make choices that help preserve their quality of life.

If you are married or have young children, chances are you have considered — and hopefully purchased — a life insurance policy. But if you are single or without children in your home, don’t assume you don’t need life insurance. Let’s have a conversation so you can make sure you don’t have a coverage gap. It’s a new year — make a resolution to learn more about life insurance so you can make smarter decisions about your coverage. Let’s talk.

You can call the Baldwin Insurance Agency anytime to chat at (510) 274-9766. You can also stop by our office in the Intero Real Estate Building at 3185 Castro Valley Blvd or check out our website at: http://www.baldwininsuranceagency.com

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