The conversation about which family members need life insurance coverage can be emotionally charged and difficult. However, since the primary purpose of life insurance is to protect the family’s financial well-being in case of a loss, it’s best to focus on the financial aspects of the topic. If you’re interested in life insurance and live in the Orlando, FL area, contact Insurance Warehouses of America for assistance.
Determining Which Family Members Need Insurance
The need for life insurance among family members largely depends on their role in the family, particularly the income and care they provide. Income earners and those who provide care that would be costly to replace are prime candidates for life insurance.
You can assess the importance of life insurance for each household member by considering the following factors:
Income Contributors
Consider the amount of income each person contributes to the family and the financial impact their loss would have.
Caregivers
Do certain family members provide unpaid care for children or adults? What would it cost the family to hire someone else to provide similar care?
Heredity
Does the family have hereditary health issues that may affect a child’s ability to qualify for life insurance as an adult?
Final Expenses
Does the family have the resources to cover a family member’s final expenses?
Family Business or Debt
Do certain family members co-own a business, share a mortgage, or owe each other money?
Partnering with Insurance Warehouses of America
Insurance Warehouses of America, serving the Orlando, FL area, can help structure your family’s life insurance plan. Call (407) 982-3266 to schedule an appointment.
