Why Get Life Insurance

Almost Everyone Needs Some Life Insurance

Some people think life insurance is only for those who are married or have children. This article tells of others who need life insurance too, like the stay-at-home parent and empty nesters.

Not-So-Common Considerations for Purchasing a Life Insurance Policy

All too often, people think of life insurance as something that only married people with children need. But the fact is, life insurance can fit many different needs and life situations that perhaps aren’t always considered. For example:

  • The stay-at-home parent.

    Many people think that life insurance is only for the primary wage earner in the household. But when one parent becomes a full-time caretaker, their role can be just as important as the parent who goes off to work every day. What you need to consider is that that stay-at-home parent were to die, you would most likely have to cover expenses associated with responsibilities such as childcare, cooking, cleaning, and shopping.

  • If you’re single with no children, but supporting family.

    It’s not out of the ordinary for single adults to financially help their families. Life insurance can help continue to provide the financial assistance that they’ll need should you die unexpectedly. It can also be used to cover your final expense, as well as any debt you might leave behind.

  • When you become an empty nester.

    As you get older, your children leave home and hopefully become self-sufficient. It may also be a time where you’re relying on your retirement savings and/or Social Security benefits to meet your monthly expenses. But even though you may not have dependents living at home or feel that you’ve got enough income funneling in, you’ll still leave behind final expenses such as funeral, burial, and possibly medical bills that your family will be responsible for.

  • At retirement.

    Your retirement plan has many components to it – including estate planning. As part of your estate plan, a life insurance policy can ensure that your heirs not only have the readily available cash to cover your final expenses, but to help cover the possibility of estate taxes that could take a big chuck out of the money you wish to leave to them.

    These are just a few scenarios in which some people may not have considered purchasing a life insurance policy. For more information on life stages that can affect your life insurance needs, visit the Protective Life Insurance Learning Center.

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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 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‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Buying Life Insurance

Buying life insurance isn't just for married people with children and a mortgage. In fact, there are certain life situations that you may not have considered when it comes to securing a life insurance policy. By understanding when and how a life insurance policy can be used throughout life's ever-changing cycle, you can find the life insurance policy that's right for your individual situation. For more information, visit our learning center.

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