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Why Buy Life Insurance?
To Protect a Mortgage
A primary reason for people to purchase life Insurance is to protect a mortgage. “Credit Life
Insurance” is often available but overpriced; it is usually less expensive for consumers to obtain
life insurance through a trusted advisor.
To Replace Income
Most families purchase life insurance to replace income in case one or both parents die.
Pregnancy/Birth of a Child
Most first-time life insurance purchases are the result of becoming a new parent/grandparent or
from having more children/grandchildren.
Marital Status Change
Marriage or divorce is a very logical time to purchase life insurance because new couples are
taking appropriate actions to protect their spouse in the event of a tragedy, and most divorce
decrees require it.
Promotions or change of employer stimulate life insurance purchases. Individuals in this
category are faced with new benefit packages, uncertain financial security, or they may simply
have a greater need for asset protection and coverage.
Death of a Loved One
Unfortunately, sometimes it takes a wake-up call to motivate people to buy life insurance. At
these times, financial burdens due to loss of life become very apparent for the survivors, proving
the value of life insurance.
Businesses have several uses for life insurance; most notably Key Person Insurance and
Insurance to Fund a Buy/Sell Agreement.
Advice from a Trusted Individual
When it comes to purchasing life insurance, consumers rely more on the advice of trusted
advisors than anything else (financial advisors, insurance agents, financial institutions.