Considering which family members should have their lives insured can be uncomfortable. Still, the best process for making this decision comes from thinking about each person’s financial contributions and their obligations to them. If you live in or near Orlando FL, and need help making decisions about life insurance for family members, consider contacting our Insurance Warehouses of America team.
Insuring Family Members
A significant part of deciding which family members should be insured and for how much is to consider their role in the family and the financial impact of their loss. For example, how do you view each family member based on the following criteria:
Breadwinner: Is the person among the family’s primary breadwinners? Does the family need their income?
Caretaker: Does the person care for children, aging adults, or other family members? What would it cost to hire someone to replace their care?
Wealth: Do you want to insure an individual to build or pass on wealth to the next generation?
Health: Does your family history or child show health issues that may make it difficult for a child to acquire life insurance as an adult?
Final Expenses: Can you pay the funeral and related costs for the individual without insurance?
Business Partner: Do you have a shared business interest with the individual?
Debtor: Do you have outstanding debts, or does a family member owe you money?
Considering each criterion and its financial implications can significantly assist your decisions about your insurance needs.
We Are Here To Help
There are many reasons for insuring the lives of family members. Our Insurance Warehouses of America team, serving the Orlando, FL area, can help you with these decisions to acquire the insurance coverage that best meets your family’s needs.