Life insurance is a vital product that helps provide financial stability after the loss of a loved one.  Furthermore, it can cover a broad scope of needs, including mortgage expenses and financial support for a child with special needs. According to the non-profit industry group Life Happens, 63% of Americans consider life insurance a necessity. Despite this statistic, a question must be asked: Does everyone need life insurance? Though life insurance is not a compulsory product, it is still imperative that you strongly consider New Jersey Life Insurance, especially if you foresee anyone in your life being negatively affected due to your death. The following types of individuals may need life insurance:

Single 

If you are young and healthy, you may have access to some of the best life insurance rates out on the market. In addition, if you financially support aging family members or have substantial debt you wouldn’t want to pass on to your loved ones, a life insurance plan will ensure they have the provisions they need.

Married 

As you begin your new future together, buying life insurance ahead of time is one of the best decisions you can make.  Though you may not have children, there are some scenarios that would be beneficial to couples. If your spouse were to prematurely pass, would the surviving spouse’s income be enough to cover the mortgage, credit cards, and auto loans?

Parents

Sixty-nine percent of single parents have no life insurance. If you were to die, who would provide for your children? Could your spouse or family members handle it alone?  Life insurance provides your spouse or family members the needed funds to raise your children, even when you are no longer around.

Retirees

Life insurance protects your family from having to pay medical expenses, funeral costs, and outstanding debts. Though as a retiree you are unlikely to have any dependents, having a policy in place would ensure that your loves are not financially burdened by your passing. In addition, depending on the size of your estate, you might be hit with estate taxes, life insurance can cover taxes and fees that might be incurred.

At Connell Insurance Agency, we know how important it is to protect you and your loved ones. To learn more about our various life insurance policies, contact our knowledgeable specialists today at (888) 590-0715.