You may have been offered term life insurance through your work or seen commercials for life insurance on television. If you are under 30 and don’t smoke, you can probably get a $500,000 term life insurance policy for less than $25 a month. At such a low cost, why wouldn’t you buy a policy just to be safe? Scan and call us with your questions. The majority of people will be best served by purchasing a term life insurance policy, but that doesn’t mean everyone needs a policy. The people who most need term life insurance are those who have dependents or people who would be financially devastated if you were to die. For example, if you and your spouse both contribute to pay the monthly mortgage bill, then your spouse might be in a large financial crunch if you were to pass away without insurance. If you have children, you should definitely purchase term life insurance. As we all know, children are very expensive even without taking college into consideration. If you’re like most parents, you likely want your kids to go to college, an expense I’m sure you would rather help pay for than put on your children’s shoulders. Even if you are unmarried and don’t have children, you may still want term life insurance. For instance, if you financially support a sibling or your parents, they may struggle financially if you die. If you have a mortgage and your parents are a co-signer, term life insurance can help cover that debt so your parents aren’t on the hook after you are gone. If you have no financial dependents and no big debts that could fall on a co-signer, then you may want to consider skipping term life insurance. For all others, start looking for a policy now! Wealth and Wisdom Online Financial Advisor,Your personal CFO will provide you with the right solution that fits your lifestyle and financial planning. Our step by step process makes it easy for anyone to achieve their financial goals.
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