Click to CallDiscussing your family’s life insurance needs can often be uncomfortable, but this discomfort pales in comparison to the potential hardship your family could face without adequate protection. Despite the emotional aspects, viewing the life insurance conversation as a logical, financial decision that safeguards your family’s financial future is crucial. If you’re considering life insurance and reside in the Oklahoma City, OK, area, reach out to Vance Insurance Group LLC for assistance.
Identifying Family Members Who Need Life Insurance
Several factors influence your decision regarding which family members need life insurance. It’s best to discuss this with a trusted insurance agent. Your overall financial situation and each family member’s role will affect your decisions. The need for life insurance depends on each family member’s role, particularly their income and the support they provide to other family members.
Consider the following household roles and questions to evaluate who needs life insurance:
Main Income Earners
What income does each family member contribute? What would be the impact on the family’s finances if their income were lost?
Care Providers
What would it cost to hire an outside professional to provide the child or adult care currently offered by a family member?
Genetic Health Risks
Does your family have hereditary health issues that could limit a child’s ability to acquire life insurance as an adult?
Final Expenses
Can the family afford to pay a family member’s final expenses out of pocket?
Shared Debts or Family Business
Do family members share debts, a mortgage, or own a business?
Experience the Vance Insurance Group LLC Difference
Vance Insurance Group LLC, serving the Oklahoma City, OK community, can help your family consider and structure an appropriate life insurance plan. Call us today at (405) 293-6475 to schedule an appointment.
