No matter how far you are along life’s path, a life insurance policy can help protect those who mean the most to you. Here are some ways life insurance can help during the various stages of your life.
The average class of 2016 college graduate has roughly $37,000 of student loan debt, according Mark Kantrowitz, publisher of Cappex.com. If something happened to you, a life insurance policy could help your co-signer or family members, who may be saddled with your debt.
Life insurance benefits can help you or your spouse provide for your children in case one of you dies. It can be used to pay off debts, such as a mortgage, or put toward future college expenses for your children, said Louis Sofianakos, a director of insurance for AAA Northeast.
In your 40s, you may make more money. You might also start writing checks for a college education for one or more of your children. This is a good time to review your life insurance policy to make sure your family could maintain its way of life should anything happen to you.
About 1 in 7 adults in their 40s and 50s provides financially for their children and aging parents. Life insurance could help your family afford care and living expenses should you die unexpectedly.
Life insurance can help your family pay for final expenses such as funeral and burial arrangements. But it’s best to shop for a life insurance policy before you retire, Sofianakos said, since you can typically lock in more affordable rates when you buy at a younger age.
AAA saves you time, money and worry. AAA insurance agents can help you figure out your life insurance needs and get a policy that’s best for you, so you know your loved ones will be okay. AAA.com/Insurance.