Millions of Americans go without life insurance every year, and many don’t realize the risks they are taking. While there are several reasons someone might choose not to have life insurance, the most common one is simply that they don’t think they need it. But the truth is, everyone needs life insurance, no matter their age or health.

Here are just a few of the risks you take by not having life insurance.

1. Risk of Financial Burden on Your Family

If something happens to you and you don’t have life insurance, your family will be left to bear the burden of your funeral costs and any other debts or expenses you leave behind. This can put a serious financial strain on them when they are already grieving.

2. Risk of Losing Your Income

If you are the primary breadwinner for your family, your death could leave them in a very difficult financial situation. Life insurance can replace your income and help ensure that your family is taken care of financially if something happens to you.

3. Risk of Not Having Enough Money for Your Children’s Education

One of the most important things you can do for your children is to make sure they have the opportunity to go to college. If you don’t have life insurance, your children may not be able to go to the school of their dreams or get the education they need to succeed in life.

4. Risk of Straining Your Family’s Relationship

Your family will already be grieving your loss if something happens to you, and the last thing you want to do is add to that stress by leaving them with financial problems. Not having life insurance can strain your family relationships, especially if they are already struggling to make ends meet.

Get Life Insurance in Pleasanton, CA

Miao Insurance Services is here to help you get the life insurance you need to protect your family. We understand that choosing a life insurance policy can be overwhelming, but we can help you find the right policy for your needs. Give Miao Insurance Services in Pleasanton, CA a call today to get a quote.

 

Do I need life insurance? This is one of the most common questions we face from our Pleasanton, CA clients. The truth is that there is no one-size-fits-all answer whether you need life insurance. However, various situations may catalyze the need to invest in life insurance. 

If you need to find out whether you need life insurance, hang on as Miao Insurance Services takes a deep dive on persons that need life insurance ASAP.

If you have dependents

Do you have children, aging parents, or a disabled sibling that depends on your income? If yes, you need life insurance to secure their income when you die. Because we can’t predict death, we can leave our dependents in financial turmoil when we die. Fortunately, life insurance provides peace of mind because you are assured that your dependents’ financial needs are well taken care of when you are long gone.

If you have debts

Do you have a mortgage or other cosigned loans? If you are nodding in agreement, you need life insurance to ensure that you don’t leave a financial burden on your loved ones. For cosigned debts, if you die, your cosigner will be tasked to repay the debts. You certainly wouldn’t want this ugly scenario.

If you are married

Change of your marital status means that you have someone that depends on your income. To safeguard them when you die, it’s vital to purchase life insurance.

If you would like to cover your funeral expenses

An average funeral will set you back to about $7,000 to $10,000. This amount can go up depending on your funeral wishes. Instead of burdening your mourning loved ones with final expenses, you can purchase life insurance to take care of your funeral expenses.

If you own a business

If you are in a partnership, it’s wise to purchase life insurance to safeguard your business’s continuity. Your partner depends on you financially. If you die, you will leave a financial gap that would be difficult to fill. Life insurance buys your partner time as they ponder on the next move. 

Would you like more information on life insurance? Please contact Miao Insurance Services. You can also visit our Pleasanton, CA offices to speak to one of our agents.