Why Do I Need Life Insurance?

LifeInsuranceNewAs an agency, Shannon Langhorne Insurance Services provides many products and services for life insurance on an individual level or from a business owner’s perspective. We pick up the phone and offer dedicated service you deserve. Let’s discuss your options and see what is the best fit for you and your family or business.

If someone will suffer financially when you die, chances are you need life insurance because it provides cash to your family after your death.

This cash, known as the death benefit, replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What’s more, there is no federal income tax on life insurance benefits.

Life insurance has long been a part of estate planning in the United States. Although life insurance does not need to be a part of every person’s estate plan, it can be useful, especially for parents of young children and those who support a spouse or a disabled adult or child.

In addition to helping to support dependents, life insurance can help provide immediate cash at death. Insurance proceeds are a handy source of cash to pay the deceased’s debts, funeral expenses, and income or estate taxes.

People who have no minor children or financially strapped dependents may not need life insurance. Below you’ll find questions to ask yourself to help evaluate your life insurance needs. If you decide to purchase insurance, you should know exactly why you are buying it and choose the best type of policy for your needs. And, of course, you should buy no more than you need.

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