What type of life insurance do you need, and how much is necessary? Find answers, and get rates online today.
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Buying life insurance can be a lot like exercising. You know it’s something you should do but it’s something that often gets placed on the back burner … for different reasons of course. You intend to get to it one day (maybe next week) and it just hangs out at the bottom of your mental to-do list. For most people, there are no serious negative repercussions in delaying. For others, the delay in getting life insurance can have a huge impact for the people that rely on their income.

There are dozens of common reasons for needing life insurance including:

Life Insurance for Families


There are endless stories of people who have been the sole “breadwinners” in their family dying without life insurance and leaving their spouse and children destitute due to loss of household income. It can be compounded when the spouse has been a “stay-at-home” parent for several years and is unable to find sufficient work to replace the deceased spouse’s income.

Life Insurance for Estate Planning


For estate planning purposes there are many other stories of people, and often wealthy and famous people, not securing the proper life insurance to be able to cover estate taxes and other financial obligations. When the intent is often to pass their wealth to their children or charitable organizations but the deceased failed to buy life insurance to cover costs of death (taxes, funeral arrangements, outstanding financial obligations) the executors of their estate have to often liquidate assets to pay taxes and other obligations and the deceased’s wishes are not able to be carried out as planned. Purchasing the right type and amount of life insurance could have covered a lot of these expenses and usually at pennies on the dollar.

Life Insurance for Business Continuation


For businesses that rely on key people or partners to conduct business effectively it often makes sense to buy life insurance on employees or partners to ensure the company is able to continue in business should the key person or partner die.

Key Man Life Insurance


In many cases a company relies so intimately on the participation of a single employee or few employees that their death would cause significant financial damage to the company. In this case it makes sense to buy life insurance on that key person to ensure that should they pass that the business receives money to replace any loss of revenue caused by the untimely death of that person.

Partnership Buy-Sell Agreements (Secured by Life Insurance)


In partnerships, each partner will typically buy life insurance on the other and then create a legal document called a “buy-sell agreement” which in the case of death of one of the partners the proceeds would go to the deceased’s heirs in exchange for the deceased partner’s ownership of the company being transferred to the surviving partner.

Life Insurance to Secure a Loan


Often times when a large loan is being taken lenders will require a borrower to buy a life insurance policy listing the lender as the beneficiary in order to secure payment should the borrower die before the loan is paid down.

Some of the most common reasons for needing and using life insurance are listed above but there are dozens of other common uses for various types of life insurance including for retirement and financial planning.

Searching for life insurance can be difficult because people often times don’t know where to even begin. They may know there are different types of insurance: However, you might not know which would be best for your needs.

You might even know that there are dozens or more companies to choose from and not know which is “best”. You may have heard of companies such as:
Lastly, you may not know how much coverage you need and what considerations to even take into account whenever trying to figure this out. You don’t want to over insure but you sure don’t want to leave any surviving family members or business associates financially destitute should you die too soon. Whatever your level of understanding and need it’s important to take the first step in securing life insurance and those first few steps can be made easier by working with a knowledgeable and empathetic life insurance agent such as the agents you’ll find at Life Insurance Solutions.

Feel free to call us toll-free at (800) 310-2550 or by filling out the online form to see life insurance quotes instantly.