Do I need life insurance?
Many people wonder if they should buy life insurance. What are the benefits? Yolie Aleman-Rodriguez, a State Farm agent in Tolleson, AZ, helps customers answer daily questions. Her answer from Ella is that it all depends on what is essential to each individual. She talks about the different reasons people buy life insurance and its impact.
For your family
The main reason people buy life insurance is to protect their loved ones. “You buy for the love of family,” says Aleman-Rodriguez. “If you have a partner or family and you don’t have life insurance, they could lose everything if something were to happen to you. Life insurance will help ensure your family has what they need if you go missing and will allow them to keep their standard of living.
She says that most people think it’s crucial to have life insurance like Plan B, but stay-at-home parents can also benefit. If something were to happen to them, the other parent could have additional expenses, such as child care, cleaning the house, eating out more often, etc. Even if you don’t have a family yet if you have one in mind in the future, the younger and healthier you are, the cheaper it will be to buy life insurance.
for your business
Many business owners are also in dire need of supplemental life insurance. “Not only can you protect your own family, but if you have one or more partners, you can set up partnership agreements so that if something were to happen, the other partners take over your part of the business, and your family gets paid for it .” life insurance.”
for donations
Aleman-Rodriguez has had clients passionate about nonprofits, and some of them participate in mission trips abroad. Some of these clients have purchased life insurance to cover the cost of a return flight should something happen to them abroad. Others have chosen to designate the charitable organization as the beneficiary of their insurance policy to continue their donations to the cause of their choice after they are gone. “It’s something they hold dear, and a lot of people feel it’s important enough to protect.”
The cost of not having life insurance
So how does one decide if life insurance is worth having? “The most important thing to keep in mind,” advises Aleman-Rodriguez, “is that having life insurance could mean that you can take care of your loved ones for the rest of their lives, instead of losing everything.”
She has helped many clients over the years and has seen from her own experience that it can make a world of difference. “It will protect your family for years to come.”
The main characteristics of these insurances are their defined validity, that is, they are renewed by agreement of the parties and the establishment of a maximum age to join the policy (65 years). In all of them, a health declaration is required before joining and medical expenses associated with extreme sports are generally excluded