Discussing which family members need life insurance can sometimes be difficult. However, viewing the topic as a financial decision rather than an emotional one can be helpful. Ultimately, you should make rational decisions about safeguarding your family’s financial well-being, even if you find the topic emotional. If you are considering life insurance and live in the Moberly, MO, area, contact the Swartz Premier Group Insurance for assistance.
Determining Which Family Members Need Life Insurance
Your financial resources and other factors help determine the need to insure family members’ lives and the amount of insurance needed. Financially, the need for life insurance covering each family member depends on their family role, particularly the income and care they provide to support other family members. Those who earn income or provide care for others that would cost money to replace are most in need of life insurance.
Consider the following household roles and questions to evaluate the need for life insurance.
Income Providers
How much income does each family member contribute and how would the loss of their income affect the family’s finances?
Care Providers
How much would it cost to pay someone else for the child or adult care currently provided by a family member?
Genetic Health Concerns
Does the family have hereditary health issues that might affect a child’s ability to qualify for life insurance in adulthood?
Final Expenses
Is the family able to pay for a family member’s final expenses?
Family Business or Debts
Do family members co-own a business, share a mortgage, or have outstanding debts?
Working with Swartz Premier Group Insurance
Swartz Premier Group Insurance, serving the Moberly, MO, community, can help your family structure its life insurance plan. Call us at (660) 263-8900 today to schedule an appointment.
