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family on beachFinancial planning is critical to being successful in life, yet it can be challenging for many people. Life insurance, a major component of financial planning, often confuses even the most experienced financial planners.

In recent years, many people either go underinsured, or they do not have enough life insurance to help their family replace their income in the event of their death. In both instances, knowing when to buy a life insurance policy will help you determine how much life insurance you need.

Why Purchase Life Insurance?

Although many people think of life insurance as a means to cover their final expenses, it is much more. Your life insurance is a measure to replace your income in the event of your death. With a substantial life insurance policy, your family can:
  • Get grief counseling
  • Pay off a mortgage
  • Pay off credit card debt
  • Pay final expenses
Without your income for bills and absent a life insurance policy, your family may experience a financial hardship if they lose you.

Buy Life Insurance Based on Where You Are in Life


Everyone moves through different phases in their life. Within those phases, financial needs change on a regular basis. You can determine when you need to purchase life insurance based on where you are in life and your objectives.
  • Parents with young children: Parents need enough life insurance to replace their incomes until their children are self-sufficient. In the event of an untimely death, the other parent may be able to rely on the death benefit from the insurance policy.
  • Couples Considering Retirement: Couples need life insurance to cover the potential loss of income as well. The death benefit can help the surviving spouse cover household expenses without requiring them to tap into retirement accounts.
  • Single And Planning For The Future: Single people who plan to get married and have a family should purchase life insurance to lock in lower premium rates while they're younger.
Where you are in life helps determine your need for life insurance, and it also helps you determine how much life insurance you need. You should purchase enough life insurance to help your family sustain their current lifestyle. If you anticipate having children or your income increasing in the future, purchase a larger insurance policy to cover the additional financial need.

Start looking into your options today. Call First Independent - Descamps Insurance Agency at (888) 513-8784 for more information on Sterling Heights life insurance.
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