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When do you need life insurance?

Life insurance can be structured to suit your needs at many different stages of life. And there are points in life when it’s critical to evaluate your life insurance needs for changes. This article outlines important questions to consider when you’re evaluating your coverage needs.

Does someone in your family depend on your income?

Income replacement is often one of the biggest reasons people often choose life insurance. If you have loved ones who count on your income, it makes sense to ensure that they have the financial resources to maintain their lifestyle if something were to happen to you.

 

Do you have outstanding debt such as a mortgage or student loans?

Covering debt is another big reason to evaluate your life insurance coverage. You’ll want to look at how much debt you have, including credit cards, car loans and home loans, and determine whether you have enough assets to cover these debts if your income was suddenly gone.

 

If you have children, will they have additional needs like college tuition?

You’re working hard to create a great life for your family, but would your kids still be able to achieve the goals you have for them without your income? Consider whether your family could afford to send your children to the college of their dreams without you. More importantly, could they afford to send your kids to college at all?

 

Stay-at-home spouses: How much will it cost to replace what you do for your family?

It’s an often-overlooked item, but consider this: even stay-at-home spouses play a critical role in keeping families running. Laundry. Errands. Cleaning. Child care. What would it cost if you had to hire someone to help with these daily activities?

 

When should you consider life insurance?

There’s probably never been a better time. Generally, the younger you are, the less expensive it is. And survey results indicate that people think life insurance is far more expensive than it actually is.1 Take a minute today to find out how little it will take to insure your family’s future.

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We have a handy calculator to help you walk through these items and determine what your needs might be. Why not take a few minutes now and find out how much coverage you may need?
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Coverage is often more affordable than you think. But even if you can’t afford everything you need now, there are ways to structure policies so that you can layer coverage. Get a little coverage now and add to it later. You’ll be glad you did.
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We’re happy to help answer questions and discuss policy options. Call 1-800-523-0719 or contact us via email.
1 Source: 2019 Insurance Barometer Study, Life Happens & LIMRA.

All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‚Äźrelated decisions. For information about Protective Life and its products and services, visit www.protective.com.

Agent/Producer Compensation Disclosure: Agents/Producers receive compensation from an insurer or third party, which may differ depending upon the product or insurer. Additional compensation may be received by the Agent/Producer based on other factors including premium volume placed with the company and loss or claim experience.

Crump Life Insurance Services, Inc. a licensed insurance agency, is licensed to sell Protective Life products and may receive compensation from Protective. Crump Life Insurance Services, Inc. and its affiliates do not guarantee the services of any insurance Company. Protective Life and Crump Life Insurance Services, Inc. are separate independent entities and are not responsible for the financial condition, business, or legal obligations of the other. The California license number for PLICO is 07726.

Truist Life Insurance Services, a division of Crump Life Insurance Services, Inc., AR license #100103477, a wholly-owned subsidiary of Truist Insurance Holdings, Inc. Truist Insurance Holdings, Inc. is a wholly owned subsidiary of Branch Banking and Trust Company.

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