After an insured policyholder passes away, life insurance pays their surviving dependents or other beneficiaries. Some examples of people who might require life insurance are:
Guardians with minor kids. In the event that a parent bites the dust, the deficiency of their pay or providing care abilities could make a monetary difficulty.
Life insurance can guarantee that the children will have access to the necessary funds until they are able to support themselves.
Guardians with extraordinary requirements grown-up kids. Life insurance can ensure that the needs of children who will never be able to take care of themselves will be met when their parents pass away.
A special needs trust that will be managed by a fiduciary for the benefit of the adult child can be funded with the death benefit.
Grown-ups who own property together. Whether you’re married or not, life insurance might be a good idea if one adult’s death would leave the other adult unable to pay off loans, maintain the property, or pay property taxes.
An engaged couple who take out a joint mortgage to buy their first house is one example.
