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Do You Need Life Insurance?

We've all heard about life insurance, but have you really stopped to think if you need it? Now is a good time to check in and reflect as the month of September is National Life Insurance Awareness Month.

So, what is life insurance? A life insurance policy is an agreement between an insurance company and a person (or legal entity) designed to protect your beneficiaries in the event of your death.

Why do I need it? There are many different reasons for needing life insurance. Some examples are:

  • To provide financial assistance for any dependents who would normally rely on your income.

  • To pay for funeral expenses and other final expenses.

  • To provide a financial legacy for heirs.

  • To pay estate or inheritance taxes.

  • To provide a donation to a charity.

  • Etc. etc. etc.

Does everyone need life insurance? Not necessarily, but it's important to figure out if you do. Here's some factors that may contribute to your decision:

  • If you have a spouse, children, or other dependents, the payout of life insurance can help your family survive the financial impact of your death.

  • If you own a business. You may need life insurance to help keep your business alive.

  • You carry a great deal of debt. Co-signed loans become the co-signer’s responsibility if you pass away before paying them off.

  • You practice extreme hobbies.

  • Etc. etc. etc.

It's a personal decision to buy a life insurance policy, and each policy is different depending on your circumstances, finances, and future plans.

Even if you don't have dependents or kids, a business, or owe large amounts of debt, you still might want to look into your options for getting life insurance. Something to consider is that the cost typically goes up as you age. That means right now could be the most financially friendly time for you to buy a policy.

Want to learn more? Reach out to one of Menicucci Insurance's expert agents to see how life insurance could benefit you and your family at (505) 883-3683 or message us at

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