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Benefits of Life Insurance and Why You Need It Now

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Life insurance is a way to protect your loved ones financially after you die. Your loved ones can use proceeds from a life insurance policy to meet funeral expenses and manage financially during the difficult weeks, months, and years after you pass. This makes life insurance an essential part of wealth management and trust planning.

Life Insurance Basics

Life insurance policies work similarly to home or auto insurance policies. You pay a regular premium to your insurance provider, and your family receives a lump sum payment from the insurance agency when you pass. There are different coverage levels, including term, whole, and universal.

Once you purchase a life insurance policy, periodically review your coverage – especially when you have a significant life event, such as the birth of a child or the death of a family member. With major life events, you may end up under- or over-covered.

Who Should Get Life Insurance

You should get life insurance if:

  • You are married, and your spouse depends on your income.
  • You have children.
  • Your parents or disabled relatives depend on you for support.
  • Your retirement savings and pension won't be enough for your spouse to live on.
  • You have a large estate and will owe estate taxes.
  • You own a business, especially if you have a partner.
  • You have a substantial joint financial obligation.

If you're still unsure about whether you should buy life insurance, a good question to ask yourself is: If I died today with no life insurance, would my family need to make substantial financial sacrifices and give up the lifestyle to which they've become accustomed in order to meet their financial obligations (e.g., car payments, mortgage, college tuition)?

For help determining which life insurance policy is right for you, contact Horizon Bank’s Relationship Managers. Call (219) 873-2683 to get started today!

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