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Why do I need life insurance?

The main reason for life insurance is to provide income replacement to your beneficiaries when you die.  However, if our needs include estate planning, cash accumulation, or final expenses, life insurance can help you achieve these goals as well.

Income replacement:

For most people, their key economic asset is their ability to earn a living.  If you have dependents, then you need to consider what would happen to them if they no longer can rely on your income.


Pay outstanding debts or long-term obligations:

Life insurance can play an important role when planning for you and your family’s future financial needs.  Consider the expenses your family may have at the time of your death - mortgage bills, car payments, college, medical expenses, or funeral arrangements.  Life insurance provides a measure of additional protection that can help bridge the gap between what you have now and what your family may need when you pass away.

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Estate planning:

One of the greatest benefits life insurance offers you is that it passes the policy proceeds to your beneficiaries – the people who will receive the life insurance benefit – generally income tax-free.  Moreover, because of its design, your family may not experience the burden of extra income tax at your death or have the money go through a lengthy probate process.  The proceeds of a life insurance policy can be structured to pay estate taxes so that your heirs will not have to liquidate other assets.


Charitable contributions: 

If you have a favorite charity, you can designate that all or part of the proceeds from your life insurance goes to that organization.