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All during your lifetime, you should be aware of how life insurance can work for you. There are some moments along the way when it is good to consider your own needs. Everyone’s situation is unique and only
you can determine the exact amount of life insurance you need. One of
these descriptions could be your own current position:
Single and in Your 20s - You may need life insurance to pay off
student loans, car payments, credit cards and other debts so they do not become
the responsibility of another family member. Hard as it is to imagine, if you
die, your family also needs cash on hand to cover your final expenses.
Married with Young Children - You most likely have modest savings
and big responsibilities — a mortgage, child care and other monthly bills. If
you die prematurely, life insurance will help your spouse maintain your home
and provide for your children’s support, now as well as in the future.
Single Parent and Sole Breadwinner - Life insurance will help cover your
children’s day care costs and other living expenses and fulfill plans for their
future education if you are no longer there to provide for them.
Married Homeowner with no Children - Life insurance can provide the money
to meet financial goals and help your spouse hold onto the assets and the
lifestyle you’ve both worked hard to achieve.
Married with College-age Children
and/or Elderly Parents - A premature death could deplete your retirement savings or other
assets. Life insurance can help replace lost income to cover the cost of
current living expenses, college tuition and/or your parents’ care.
Married with Grown Children - You may want to consider life
insurance as an opportunity for supporting your favorite charities, building a legacy
for your children and grandchildren, or covering estate taxes.
There are different kinds of life insurance to meet your changing needs during a lifetime. (See What Are the Different Kinds of Life Insurance?)
Navy Mutual has a Life Insurance Needs Calculator that can help you determine what is
best for you. If you want to discuss your own life insurance needs,
contact us by calling 800-628-6011 or schedule a phone call with a representative.
Get crucial facts about life
insurance, hear personal accounts about how life insurance has helped other
Americans, and get a number of useful decision-making tools. Visit LIFE HAPPENS any time you are considering life insurance as a part of your financial security.