Affordable Life Insurance Protection for Your Family

Who Purchases Life Insurance?

Life insurance policies are purchased by the person whose life is meant to be insured

 

The Owner of the policy is the one who pays the premiums and chooses the Beneficiary or beneficiaries of the coverage.

 

Also, spouses, family members, or anyone else who can prove that they have an Insurable Interest in the person to be insured, can also take out a policy for them. 



Insurable Interest means you either rely on the person for some means of financial support, or that the person's death would result in a financial loss or cost to you; such as, having to pay for the person's burial expenses.


To be able to purchase life insurance, consumers will need to complete an application for coverage and usually a phone interview is needed.

 

Common Reasons to Buy Life Insurance

 

  • Income Replacement
  • Mortgage Protection
  • Fund College Education
  • Final Expenses
  • Maintain Family’s Lifestyle
  • Fund Spouse’s Retirement
  • Pay Off Debt
  • To Pay Estate Taxes
  • Charitable Contribution

 

Examples of Who Purchases Life Insurance

 

Main Breadwinner

 

It’s very common for the main breadwinner of a family to purchase life insurance so if that person were to pass away unexpectedly, the family would be provided for to maintain their lifestyle and pay the monthly bills.

 

Father or Mother for Family

 

One of the most common examples of someone who purchases life insurance is a father or mother who wants to provide financial security for the future of his or her family.

 

Parents for Children

 

Parents also buy life insurance to make sure in case they pass away, their children have money needed to attend college in the future.

 

Adult Child for Senior Parent

 

Many adults purchase final expense life insurance plans for their elderly parents.

 

In case your senior parent has no money saved, lives on a limited income, or had no life insurance, an adult child can buy life insurance on his/her parent to pay for a funeral, burial, and other related final expenses.

 

Life Insurance Quotes

 

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

 

Highly Recommended – United of Omaha

United of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $3,000 up to $25,000 of coverage. Rates start as low as $8.80 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.

 

 

Who Purchases Life Insurance?


Disclosure: Compensated Affiliate