Many people find it uncomfortable to consider which family members should have life insurance. Nevertheless, it is essential to make these decisions by evaluating each family member’s financial and other contributions to the family. If you are considering acquiring life insurance and live in or near Charlotte, NC, consider working with our Kempton Insurance Group team.
Insuring Family Members
The most common approach for deciding which family members require life insurance is to consider the financial impact of each person’s potential loss. Below are descriptions of family roles to help evaluate whether individual family members need life insurance and the desired value of that insurance. Answering each question and considering the financial implications of the answers will help determine your insurance needs.
- Breadwinners: Which individuals are the primary breadwinners? Would the family be able to cope without access to their income?
- Caretaker: Do specific individuals care for children, aging adults, or other family members? What would it cost to pay others to provide similar care currently provided by the caretaker?
- Legacy: Does the family have a history of hereditary health issues? Does a child have health issues that could affect their ability to qualify for life insurance as an adult?
- Final Expenses: Does the family have the resources to pay for final expenses without life insurance?
- Family Business: Do family members have a shared business interest? Is there a business succession plan with the necessary funding?
- Debtor: Do you or your family members have debts, including to one another?
Working with Kempton Insurance Group
There are many reasons to insure different family members’ lives. Our Kempton Insurance Group team, serving the Charlotte, NC, area, can help you consider which family members need life insurance. Call us today at (888) 285-6660 to schedule an appointment.
