Should You Have Life Insurance? Four Signs You Should, by Aaron Steele

You’re young, healthy, play sports once a week and have a great diet; therefore, life insurance probably isn’t the first thing on your mind. If there are people dependent on your young life, it’s time to get serious about this area of your finances. In case you didn’t know, life insurance can protect your family and replace income should the worst happen to you. Perhaps you have a child, spouse, or even a parent dependent on your income? If so, life insurance is essential. 

Despite the skepticism that surrounds life insurance, its primary function is replacing income. Financial planners all over the country will tell you the same, and this income replacement is vital (unless you’re one of the few with a bank account holding enough to satisfy dependents for life!). 

Should you have life insurance? Here are four of the most significant signs that you should invest in this area immediately! 

You Have Income-Dependent Plans with a Spouse 

You might think that children are the biggest factor affecting this decision, but life insurance can also protect a spouse if you have plans that depend on both your incomes. For example, this could be paying for a home, planning retirement, or even something simple like meeting living expenses. If you and your partner are dependent on each other in this way, get life insurance to ensure they don’t struggle if you were to pass away. 

You Have Children 

As mentioned, this is the most common factor affecting life insurance, and everybody with children should have life insurance. As a mother or father, we’re assuming your children are dependent on your income. What would happen if this income were to disappear? It’s a scary thought and one that often encourages action from parents.  

Even if you’re expectant parents, there’s no reason why you can’t get coverage in place early. The younger you are, the cheaper the coverage (because of the provider’s lower risk). When it takes two incomes to meet desired living standards, it makes sense to cover these incomes with life insurance. 

You Own a Home (Or Have Another Large Debt)  

Although we don’t like to think about death, somebody will be responsible for your debts or home payments after you pass. If you’re making mortgage payments every month, will your family have the assets to afford these payments if your income suddenly disappeared? If not, life insurance is a necessity. 

We understand that selling the home is an option, but this means uprooting your family and forcing them into lower living standards in what is already a difficult time. With the right level of insurance, the coverage should help with mortgage payments, and your family is in a position to continue living as you wish. 

While a mortgage is the most common example, life insurance can help with all types of debt. For student loans and credit cards, these debts will remain even after you die. 

You Earn Income 

Lastly, life insurance isn’t always necessary for those already living off savings in retirement. Unfortunately, this is one of the few times in life that there’s the safety net of cash available for remaining partners and family members. If you’re earning income and aren’t yet in retirement with this cash cushion, life insurance is a wise move. 

Let’s not forget, life insurance doesn’t have to be a huge investment. For the amount of protection that it provides, paying a few dollars each week offers peace of mind that the family will have the support they need after we die. 

If you fall into any of these categories, now is the time to buy life insurance for yourself and your family.

Contact Information:
Email: [email protected]
Phone: 3604642979

Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with
helping them pursue the most comfortable financial life possible.

Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.

Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.

Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.

Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.

With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

Disclosure:
Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.

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