At some point in your life, you’ll probably be faced with the question of whether you need life insurance. Life Insurance is a way to protect your loved ones financially after you die and your income stops. The answer to whether you need life insurance depends on your personal and financial circumstances. You should consider buying life insurance if any of the following is true:
- You are married and your family depends on your income.
- Your retirement savings and pension won’t be enough for your spouse and family to live on.
- You have a large estate and expect to owe estate taxes.
- You own a business.
- You have a substantial joint financial obligation such as a personal loan for which another person would be legally responsible after your death.
In all of these cases, the proceeds from a life insurance policy may help your loved ones continue to manage financially during the difficult weeks, months and years after your death. The proceeds may also be used to meet funeral and other final expenses.
If you need life insurance, don’t delay. Although no one wants to think about and plan for his or her own death, you don’t want to make the mistake of waiting until it’s too late. Once you have a life insurance policy, make sure to periodically review your coverage and your beneficiaries. As your life changes, make sure that your life insurance still meets your insurance needs.
If you need advice on getting life insurance, call a financial advisor at TFCU Financial Advisors today.
TFCU Financial Advisors
6501 Tinker Diagonal, MWC
(405) 737-0006
TFCUFinancialAdvisors.org
Securities are offered through RAYMOND JAMES FINANCIAL SERVICES, INC., Member FINRA/SIPC, and are not insured by NCUA or insured by any other government agency. Funds are NOT GUARANTEED nor are they deposits or obligations of the credit union or any affiliated entity of the credit union, and are subject to risk, including the possible loss of principal. Tinker Federal Credit Union, Tinker Financial Services, LLC and TFCU Financial Advisors* are not registered broker/dealers and are independent of Raymond James Financial Services, Inc. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc., a non-affiliated third party provider to Tinker Financial Services, LLC and Tinker Federal Credit Union. All investments and information are intended for U.S. residents only. *TFCU Financial Advisors is a registered trademark and ‘dba’ of Tinker Financial Services, LLC.