No one can predict an accident or illness, but they happen in the blink of an eye. Knowing that you have financial coverage for these unexpected incidents, can ease you and your loved ones’ stress.
High income can mean unforeseen, complex financial consequences. Unexpected or premature death of a high-income professional can lead to a loss of income to the surviving family – life insurance can protect them.
If Your Loved Ones Rely on You Financially, You Need Life Insurance
For high income earners, sudden or premature death can lead to a loss of income to your surviving loved ones. This could put your spouse or partner in a position where they are unable to continue with the same life style. If you have any outstanding debts, mortgages, or loans, life insurance can be vital for your loved ones.
There are a few different circumstances that will encourage your need for life insurance:
You might be starting a new practice. You are taking bank loans to build the office. Your overhead costs are going to be high, and an added cost to your already high expenditures.
Your growing family comes with more and more expenses, and they might want to follow in your footsteps, which means the costs of tuition, and housing for your children will need to be covered.
You’ve hit an age where you are beginning to wonder why you need life insurance. In the early years life insurance will provide income for your family to support their life style. In the later years life insurance provide the cash to transfer your net worth to your family without the government taking a large portion in taxes. Life insurance can help with government taxes, funeral expenses, outstanding debts, or your mortgage.
Questions to Ask
Who do you want to protect?
What are your future financial obligations (children, college, etc.)?
What do you need – who and what are you covering?
What are your debts now and what will you owe in the future?
What will your loved ones need to pay in estate taxes?
To discuss your life insurance needs call David at 780-433-3900 today or contact us by email.