Some people find it challenging to think about or discuss the subject of life insurance, particularly which family members should have it. Nevertheless, it is important to have a conversation since the decision can significantly affect the family’s financial well-being if a loss occurs. As a result, the decision should be based on the financial, not emotional, impact of losing a family member. If you are considering life insurance and live in or near Queen Creek, AZ, contact The Insurance Team for assistance.
Which Family Members Need Insurance?
Depending on your family’s financial resources and other factors, you may not need life insurance for some or most family members. The need for life insurance largely depends on each person’s family role. Life insurance is typically needed for those contributing to the family budget or who play a role in caregiving for children or aging adults, which would require money to replace their services.
The following questions can help you prioritize which family members need life insurance and in what amounts.
Breadwinners
What would be the financial impact of losing someone whose income the household relies on?
Caretaker
Does a family member care for others without pay? What would it cost to pay outsiders for similar care?
Heredity
Are there hereditary health issues that could affect a child qualifying for life insurance in adulthood?
Final Expenses
Do you have the money to afford a family member’s final expenses?
Family Business/Debt
Do family members own a business together, share a mortgage, or owe money to one another?
Working with The Insurance Team of Arizona
The Insurance Team serves the Queen Creek, AZ, area, and we can help create your family life insurance plan. Call our office today at (480) 626-1860 to schedule an appointment.
