• Business
  • Tech
  • Career
  • Living
  • Culture
New Age News 5 Types of People Who Need Life Insurance the Most, According to a Financial Expert
0Shares
0 0 0 0 0
New Age News
  • Business
  • Tech
  • Career
  • Living
  • Culture
Career

5 Types of People Who Need Life Insurance the Most, According to a Financial Expert

Mani Yousaf Jun 17, 2020
0Shares
0 0 0 0 0

Sharif Muhammad has helped numerous people realize the importance of having life insurance in his years of experience as a financial planner. Getting this kind of coverage is at the core of the plans he develops for clients.

This is certainly not surprising as the right life insurance plan can serve as a fail-safe for many in the event of their untimely death.

While everyone is encouraged to have, there are groups of people who need the protection of a life insurance policy the most. Muhammad enumerates them as follows.

Parents & Breadwinners

Liderina/Shutterstock — Single parents are particularly encouraged to take out a life insurance policy

Parents, breadwinners, and married people have one thing in common. They all have dependents relying on their financial help from children to a spouse or an elderly parent.

If you belong in this category, your death can mean that your loved ones would likely deal with unforeseen costs from childcare to living expenses when you pass untimely.

People with Joint Debts

Took out a mortgage with your spouse for your home? You may want to take out a life insurance policy as well. This will help you or your surviving partner afford the remainder of your debt repayment even with the other gone.

The same applies to unmarried couples, siblings or parents and children who have joint loans on their car lease or a rental property that generates income.

People with Plans for others

zimmytws/Shutterstock — A 529 plan is another investment vehicle you can use to pay for your kids’ college tuition

Life insurance can also serve as a way for you to reach your goals for your kids despite your death. This includes paying for their college education, which may very well be far into the future.

Muhammad shares that he brings up life insurance with his clients after they’ve discussed the specifics of their educational plans for their children.

People with Certain Illnesses

If you are dealing with a severe illness, speak with a financial planner immediately while you’re still relatively healthy. This way, you can get life insurance while you’re still ‘insurable.’

Illnesses of concern include genetic or inherited diseases, certain cancers, and medical conditions like high cholesterol.

Workers at Constant Risk

CandyBox Images/Shutterstock — First responders, firefighters, and police officers are highly recommended to get insured

Of course, if your job entails you to put your life at risk regularly, getting insured is a wise move to make. Performing extremely dangerous tasks comes with the probability that you may go to work one morning and not return at the end of the day.

Having adequate insurance coverage will at least give you some peace of mind that your family will be taken care of once you pass away.

Share This
0Shares
0 0 0 0 0
Previous Article
Lady Gaga Went Out Wearing a $30 Million Necklace, You’ll Never Guess What Happened Next
Next Article
Useful Skills to Teach Your Kids During Quarantine That Will Help Them Later in Life
Comments (0)

Leave a Reply Cancel reply

You must be logged in to post a comment.

Related News

Career
Thinking of Refinancing Your Student Loan? You Might Not be Able to If You Fall in This Category
Simona Kramer Jan 18, 2021
Career
These are the Top Skills You Need to Impress Hiring Managers Looking for Remote Workers
Teresa Nov 30, 2020
Career
These Online Courses Will Help You Advance Your Career without Breaking the Bank
Teresa Oct 22, 2020
Career
Watch Out for these Toxic Workplace Red Flags so You Can Leave with Your Sanity Intact
Simona Kramer Jun 29, 2020
New Age News
  • Privacy Policy
  • About Us
  • Contact Us
  • Home
  • Terms Of Use

Copyright . All RIGHTS RESERVED.

  • Lost Password Back ⟶
  • Login
  • Register
Lost Password?
Registration is disabled.