MONDAY, DECEMBER 12, 2016
 The thought of losing a close family member like a child or spouse is likely the last thing you want to face. However, if someone does pass away unexpectedly, that can leave many holes in your life — emotionally but also financially. In these difficult times, financial problems shouldn't be part of the picture.
You want to protect your family from financial losses. Unfortunately, deaths can bring financial hardships. But, with proper protection, you can help lessen some of those potential losses.
Life insurance can be a valuable part of your family's future. Many people think only the family's main breadwinner should have life insurance. However, all members of the family contribute to and use a household's financial assets. You should consider investing in life insurance policies for your whole family.
Keep these tips in mind when considering life insurance policies for family members.
Know Who Should be Insured
Many people wonder if they can buy life insurance for people other than themselves. The answer is yes, with qualifications.
To buy a life insurance policy on another individual, you, the buyer, must have an insurable interest in that person. That is, the death of that person must have some impact on your finances.
In most cases, a next door neighbor is not an insurable interest. However, your spouse or child is an insurable interest.
Your spouse usually contributes some financial interest to your home. Your child has a financial impact on your home, even if the child doesn't contribute income to the home. A parent who is dependent on a grown child might also have the same impact.
Inquire About Dependent Term Life Insurance
Inquire about the different types of life insurance after you determine who needs coverage. Your company can possibly help. Some employers may offer a policy called dependent term life insurance.
A dependent life insurance usually provides financial assistance in the event your spouse or child dies. The amount varies by different factors, such as the age of the deceased.
With the loss of a spouse's income, you might need supplementary assistance. If a child passes away, there may be residual insurance or education costs. These dependent term life policies can provide financial stability.
The death of a loved one is a difficult and sensitive time. While many people don't want to consider losing a loved one, they shouldn't ignore the possibility.
If you're considering buying life insurance for a family member, we can help you find a policy that best meets your needs. Call Affordable Insurance Group at (803) 798-4499 for a free Columbia SC life insurance quote.
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