Wheeling, IL (PressExposure) March 11, 2010 -- Life insurance isn't just for the breadwinner of the family anymore. In fact, consumers in various stages of life need life insurance protection. AccuQuote, a leader in providing term life insurance quotes to people across the United States, reveals the answer to a reoccurring question: Who needs life insurance?
"Whether you're nearing retirement, a single parent or fresh out of college, you need life insurance," says Byron Udell, founder and CEO of AccuQuote. "So the question shouldn't be who needs it, but rather when you need it."
To help consumers understand their need for life insurance, AccuQuote outlines various stages of life where life insurance plays a role:
- Married with children - Particularly in today's economic condition, most families depend on dual incomes to make a comfortable living. "If you died today, would your family be able to maintain their standard of living? The truth is probably not," says Udell. "A life insurance policy will give your family financial help while they take the necessary time to get back on their feet."
- Married with no children - "Even if you don't have children, you need life insurance," says Udell. "Why? Because when you're married, you share everything with your spouse, including financial responsibilities." Many couples make the mistake of not having life insurance if there are no children to collect the death benefit, but if one spouse died today, the surviving spouse may not be able to pay-off debts and cover daily living expenses.
- Stay-at-home parents - "One of the biggest misconceptions when it comes to life insurance is that stay-at-home parents don't need it," says Udell. "But the reality is that if you're a stay-at-home parent, the services you provide are worth a lot more than a paycheck." Experts have estimated the value of these services at over $40,000 per year. These services include childcare, transportation, cleaning and cooking. Even a working spouse may not be able to afford the cost of these responsibilities if the stay-at-home parent died prematurely.
- Single parents - Single parents act as the breadwinner, childcare provider, cook, chauffeur, etc. "That's why if you're a single parent it's even more important to have life insurance coverage in order to safeguard your children's financial future," says Udell.
- Single with no children - Most single people avoid thinking about life insurance because no one depends on them financially. "However, if you have debts that a family member may become responsible for at the time of your death or if you're caring for elderly parents, term life insurance will be beneficial," says Udell. In addition, single people should guarantee their insurability at an older age by purchasing a policy while their young and healthy. Cheap life insurance is easy to find while one is young and healthy because rates go up with age.
"Almost everybody reluctantly thinks about their own death, but in order to determine if anyone would suffer financially if you died today, it's important to do," says Udell. "It will save your loved ones financial hardship during a time of grief."