With all the talk about life insurance as people age, many people are left wondering whether life insurance is mandatory. While life insurance is not something the law says everyone has to have no matter what, life insurance is something that may cause financial problems for families who need the benefits after their loved one passes away. Knowing when you may or may not need life insurance can either save you money or your family money. If your financial situation has led you to bankruptcy, then consider talking to a Tennessee Bankruptcy Attorney who can help.
Do I Have to Purchase Tennessee Life Insurance?
Whether you or your family feels like you have to purchase Tennessee life insurance heavily depends on your financial circumstances and who is left in your family. Some people do not have the need to buy life insurance when they have no heirs to leave the benefits to or when their heirs are already financially well-off. Others may already have enough inheritance to leave with their families once they pass away.
Answering the question of whether you need life insurance requires answering the question of what the purpose of life insurance is. Life insurance is designed to provide monetary benefits to beneficiaries, that is family members you choose so that they can manage themselves financially after you pass away. This leaves you with asking more questions about whether your family will need financial help after you pass away.
Once you decide you need life insurance, you have to ask yourself which type of life insurance will best fit your circumstances. There is Tennessee term life insurance and cash value lie insurance. Term life insurance is more affordable but time-limited and may expire before you pass away. Cash-value life insurance can be more expensive but lasts your whole life with no risk of expiring before you pass away.
Why Should I Purchase Tennessee Life Insurance?
You can also look at other benefits of Tennessee life insurance to help you make your final decision. These include not only providing money to cover funeral and burial expenses, but also money for debts, medical bills, and estate fees. Funeral and burial costs alone can be pricey, but some families may have depended on their loved ones for a primary source of income. Life insurance covers lost income too.
However, only dependents like children and some spouses are eligible for coverage of lost income. At the same time, you can use life insurance to leave money for who you name as your heirs. When you choose cash value life insurance, the benefits build up over time and can be used to build up savings for your family.
Bankruptcy Lawyer in Chattanooga, TN
Try contacting our legal team in Chattanooga, Tennessee, and North Georgia if you are struggling with financial problems that are leading to bankruptcy. Call Tom Bible Law at (423) 424-3116 to speak with a Bankruptcy Lawyer in Tennessee for a free consultation today. Our legal team of Tennessee bankruptcy lawyers is located in Chattanooga, Kingsport, and Tullahoma.