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Do I Need Life Insurance?


Are you using your personal vehicle for business purposes? Keep in mind that standard personal auto policies generally have limits and exclusions related to the business use of a vehicle.

Reasons To Take Life Insurance

If any of these situations apply to you, you should consider taking a life insurance policy:

  • If your income covers your partner and they would not be able to cover living expenses without you.
  • If you have young children. Life insurance is very important when you have children, especially when you consider the average cost of raising a child from birth to age 17 has risen to $310,000. That would be a heavy burden for the remaining parent or guardian.
  • If you’re a major contributor to your family’s expenses. If you have large expenses, such as a mortgage or college, a life insurance policy will financially shelter your loved ones.
  • If your family would have a difficult time paying for your funeral. Most people are surprised to learn that the median funeral cost in the United States is $7,848, and many families aren’t able to pay for a funeral. A life insurance policy will allow your loved ones to focus on grieving rather than finances.
  • If you would leave your heirs with debt. A life insurance policy would protect your spouse or any joint account holders from becoming responsible for paying your remaining debt.
  • If your business would fail without you. If you have employees or business partners, you may want to factor them into your life insurance policy.
  • If you have an adult special needs dependent who you care for financially. A life insurance policy will ensure your child has the financial resources they need when you pass.

The type and amount of life insurance you need depends on your income, family, lifestyle, age, and overall plans. There’s a wide spectrum of life insurance needs and a wide range of strategies and solutions.

Let First Entertainment Credit Union Help With Your Life Insurance Plan

Protecting your family after you pass is one of the most loving things you can do. Let’s get together soon to take a look at any current coverage you may have or to get started on a new plan. We’re more than happy to answer all of your questions!


Michelle Lee
First Entertainment Credit Union