Marriage is one of those milestones in life where life insurance becomes important. Tying the knot, or even maintaining a committed, long-term relationship, provides a strong reason to buy life insurance – even if you don't have children. Spouses or domestic partners who own a home together and share expenses need to consider life insurance to pay off their mortgage or cover outstanding debt in the event one of them dies. For married couples with children, it's an absolute necessity.
If you work outside the home, the value of life insurance is clear. A household that depends on two incomes has to cover the financial loss of one of those incomes. If you work at home caring for your family full time, you still need the protection of life insurance because that work carries a replacement dollar value. In your absence, your family would need to pay for child and home care to replace your loss. Life insurance will take care of those family needs.
During a divorce life insurance may be court-ordered as a condition of the divorce. This ruling is made to provide alimony or child support and ensure that there will be sufficient funds to support the children should the providing parent die while the children are minors. Review your divorce settlement carefully because the premium you pay on your life insurance policy may be considered alimony.
If you have any questions about how best to go about purchasing a life insurance policy to best protect your new family, or simply don't know where to go next and have questions, give us a call at 800-301-8113 or if you just want a quick quote visit goldcoastlifeinsurance.com.
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