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Life Insurance for the Busy Parent, Caretaker and Professional

While children yearn to become adults, those who have already reached this exalted life stage understand the challenges it holds. Adults must find a balance between developing their career, raising children and sometimes looking after ageing parents. This level of constant clatter causes many adults to neglect their own financial affairs. In order to protect your financial future, you must begin thinking about setting financial goals-goals that include the purchase of life insurance.

The Argument for Life Insurance

The latest national statistics show that about a quarter of households across the US do not carry any insurance. But if you leave debts behind you, your family may be forced to sell off assets to pay off what you owed. If you die young, will your children have enough money to go through college? Will your parents manage on their retirement savings? Will your family be able to hire a new caretaker for your parents? Having some insurance gives you peace of mind and ensures that your family will be able to continue living in the manner they are accustomed to.

How Much Life Insurance is Enough?

You know there must be an adequate sum of money for those you leave behind-but how much life insurance is enough? If you are a single parent you are the sole breadwinner and your children look to you to provide for all their needs. With life insurance proceeds, there will be enough to pay all of the funeral expenses, pay off the mortgage on your home, fund college tuition and leave some cash to meet future expenses. Nothing can replace you as a person, but you can leave a lump sum representing your earning capacity behind

If you and your partner are just starting to get a base together, life insurance on both of you gives the survivor a safety net. Otherwise, with young children and a new mortgage, it’s not going to be easy to cope on a suddenly single income.

As an older adult, having a long-running life insurance policy in hand gives you financial room to plan. If there’s a surrender value or an investment element, you can borrow against it or surrender the policy for a lump sum. This gives you access to cash during retirement when all your other savings may be tied up or run down.

Getting Insured

Shop around and get as many life insurance quotes as you can. Online quoting systems give you the power to access many different insurers in very little time and give you a feel for what the marketplace can offer. You should also consider taking advice from an independent professional who can tell you which policies will make the best long-term investments for you.

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