Changing Life Insurance Needs
Your life insurance needs will typically change over the years: Just starting out— Young, single adults may have little need for life insurance. With no major debts and no one else counting on their income, the death benefit provided by life insurance may not be needed. Married with no children— You may think you don’t need insurance if both spouses work. However, if it takes both salaries just to make ends meet, you may want to purchase insurance to replace income. You may also want to consider insurance to pay off at least half of your debts. Two incomes with children— This is typically the time when your insurance needs are the greatest, since several family members are depending on your income. The death of either spouse can create a financial hardship. Even if only one spouse works, the death of the nonworking spouse can require additional funds to take care of the children and home. You may want to consider first-to-die insurance, which covers both spouses but only pays a death benefit after the first spouse's death. Middle age with children— You should reassess your insurance again as your children approach college age, since you may need to increase coverage to fund their educations. Children out of college— Your need for life insurance may decrease when your children become independent. On the other hand, you may find you now have different needs for insurance. You may want to provide additional funds for your spouse if you aren’t sure your retirement assets would be sufficient. Or you may have a large enough estate that you want to provide funds to help pay estate taxes. Since your life insurance needs can change drastically over the years, you should periodically assess that coverage. Please call if you need help determining how much life insurance you require.
Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Avenue, Carpinteria CA. 93013, (800) 874-6910. Randall Wealth Management Group and PlanMember Securities Corporation are independently owned and operated. PSEC is not responsible or liable for ancillary products or services offered by Randall Wealth Management Group or this representative. CA Insurance License: #0727953.
This newsletter was prepared by Integrated Concepts Group, Inc. The opinions expressed in this newsletter are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to it accuracy or completeness.