249 Broad Street Montoursville, PA 17754

Blog 11

Four Occasions in Which You Need Life Insurance the Most

Kent A. Bennett Associates Inc. Offers Quality Life Insurance Options

There are at least four occasions in which you need life insurance the most. In June of 2022, we explained the differences between term and whole life insurance. One of our specialties at Kent A. Bennett Associates Inc. is life insurance. As life changes, so do insurance needs. Though life changing events abound, five occasions that might result in obtaining or reevaluating life insurance coverage include:


  • Being in a one income family
  • Deciding to have children
  • Getting a mortgage
  • Impending retirement



Get Life Insurance if You Mortgage a House, Condo, or Mobile Home

If your home has a mortgage, we recommend life insurance for the amount of the mortgage plus final expenses. The average funeral and burial costs $20,000 combined. With term life insurance, your beneficiaries receive the policy’s face value if you pass away during the “term.” Getting our recommended coverage means they can pay off the mortgage and final expenses with the death benefit.



Want to Have Children or Be a One Income Home? Obtain Life Insurance

If you have children, having life insurance provides for them if you pass away before they’re living on their own. Even if you don’t have children now, but plan to have children, you should get life insurance. It’s especially important to have life insurance if living in a one income household, whether or not you have children.



Learn Why Is Life Insurance Important for a One Income Household?

Having life insurance in a one income household provides peace of mind to household members who rely on the income. Life insurance was initially devised to replace policy holders’ incomes in one income households with stay-at-home partners or parents.


However, even stay-at-home partners or parents need life insurance to offset potential childcare, meals, and housekeeping expenses upon their passing. True, life insurance wouldn’t replace a one income policy holder’s income upon passing away if nobody depends on that income. That said, life insurance can pay a one income single person’s final expenses, so even singles should have life insurance.



Consider Buying Some Life Insurance When Planning Your Retirement

Responsibilities don’t stop when you’re planning retirement. These days, many of those heading into retirement still have loved ones depending on them. It’s also common for people to continue working part time after retirement and depending on that part time income. When establishing your retirement plans, consider buying some life insurance if you don’t already have some.



Reach out to Kent A. Bennett Associates Inc. Inc at (800) 548-9119 for more insurance information. Check out our Facebook for the latest news and information. Our staff is proud to educate you about more than four occasions for which you need life insurance the most.