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Why Life Insurance?

If someone you love will suffer financially when you die, chances are you need life insurance.

Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What's more, there is no federal income tax on life insurance benefits (when premiums are paid by the individual). Most Americans need some kind of life insurance.

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 like 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. So whether you're young or old, married or single, have children or don't, take a moment to consider how life insurance might fit into your financial plans.

Did you know that...
  • Many U.S. households would be inadequately prepared if the primary wage earner died.
  • 1 in 4 feel they don't have a plan in place to provide a decent standard of living for their family if they died tomorrow.
  • Many Americans have no financial professionals to turn to. Almost 3/4 of Americans don't have a personal financial planner or advisor

Sources: LIMRA International, Life Insurance Ownership Study, Facts About Life 2005.

If you are interested in finding out your options for supplemental life insurance and how it might benefit and save you money, click here.