Discussing which family member should have life insurance can be a sensitive topic, but it’s crucial due to the potential adverse effects on the family should a loss occur. The conversation should focus on the financial impact of each family member’s loss rather than emotional aspects. If you are considering acquiring life insurance and live in or near Rochester, MN, talk with our Safechoice Insurance Agency team member.

Which Family Members Need Insurance?

Generally, some family members do not need life insurance, and the amount required for those insured differs based on their family role. The need for life insurance typically revolves around each person’s financial contribution to the family budget or the financial resources needed to replace the role of those who do not work outside the home.

You can use the following questions about family roles to help determine your family’s life insurance needs.

• Breadwinners: Can the family handle the financial impact of losing someone who brings income into the household?
• Caretaker: Does a family member care for children, aging adults, or others without pay? What would it cost to pay others for similar care?
• Heredity: Does your family have hereditary health issues that could affect a child’s ability to qualify for life insurance in adulthood?
• Final Expenses: Can you comfortably afford to pay the final expenses for a family member?
• Family Business/Debt: Do family members jointly own a business? Is the business succession plan fully funded? Do family members have mortgages or owe money to others or one another?

Working with Safechoice Insurance Agency

The Safechoice Insurance Agency team, serving Rochester, MN, area residents, can help establish your family’s life insurance plan. Call us today at (507) 280-9282 to schedule an appointment.