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family by the oceanThere is no age at which you must seriously consider buying life insurance. Rather, your need for this particular coverage depends on your circumstances. Before you can understand your need, or lack thereof, you must first understand the benefits of life insurance. You already know that your dependents receive monetary benefits upon your death, but what exactly is beneficial about that? 
  • Monetary benefits: Your widow(er) may find it difficult to pay the bills or maintain his or her accustomed lifestyle in your absence. These monetary benefits are designed to provide a financial cushion to your spouse and/or dependents, which can include children, elderly parents or disabled family members.
  • Living benefits: Some life insurance policies come with the option of living benefits, which can be used to pay for large expenses such as medical bills or financing a new house. The remaining balance of your policy will be available to your dependents in the event of your death.
  • Funeral expenses: The costs associated with a funeral can easily exceed $10,000, which can be covered by life insurance to remove the burden from your loved ones as they grieve.
  • Pay debts: If you die prematurely, you may leave behind debts that would then default to your family. These may include mortgages, car loans, credit card debt and even student loans, all of which can be paid off with life insurance benefits.

So what circumstances cause a person to buy life insurance? If you’re single and have no dependents or outstanding debts, life insurance is probably not the best investment for you just yet. But it becomes a more important consideration with each added factor. Take that same single person and add a mortgage. If this person were to die, the debt on that mortgage would have to be handled by the deceased’s family. Add a child and then you have to worry about that child’s future financial support.

The more of these factors present in a person’s life, the more necessary life insurance becomes. Families—spouses with child(ren)—have the most to leave behind and therefore have the most need for life insurance. The best way to determine if it’s time to shop for life insurance is to explore the repercussions your death would have on your loved ones. Your local agent can then help you find a policy with the coverage you want for your family’s future.

Learn about your options today. Call Brisotti & Silkworth Insurance at (631) 298-4747 for more information on Long Island life insurance.

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