Deciding which family members need life insurance depends on individual circumstances, but there are common reasons why families insure different adults and children. If you live in the Snellville, GA area, and have questions about family insurance, read this article and contact our Birdsong Agency Inc. team.
Insuring Family Members
By law, the insured must cooperate with the insuring process, and the person buying the life insurance must face financial loss or hardship if the insured person were to die. So, while it may be unpleasant, one way to consider the family members to be insured is to consider the financial risk associated with each family member’s passing.
Heads of Household. With few exceptions, you should insure the household’s primary breadwinners or caretakers to reduce the financial hardship of their loss. Some also insure heads of household as a means of building or passing on wealth.
Minor Children. Minor children seldom contribute to the household finances, so their life insurance policies often cover only funeral and related expenses. It can also be helpful to insure children with specific health issues to ensure they have some life insurance in adulthood.
Adult Children and Siblings. Losing adult children or siblings can have negative financial impacts if they care for or financially support aging parents for those left behind. Their loss would lead to increased elder care expenses. Life insurance for adult children and siblings with shared businesses or who have borrowed money from you can also provide financial protection against their loss.
We Are Here To Help
There are many reasons for insuring the lives of family members. Our Birdsong Agency Inc. team, serving the Snellville, GA area, will help you with these decisions and select the insurance coverage that best meets your family’s needs.