Six Groups Who Need Life Insurance

March 27, 2017

Life insurance could be beneficial to nearly everyone to help surviving family members with things like funeral expenses. However, some groups should especially consider how life insurance would benefit their survivors:

  1. If you’re married, life insurance can help a surviving spouse cover credit card debt in addition to regular bills like a mortgage and utilities.
  2. If you’re married with children, life insurance helps ensure that your family will continue their standard of living on just one income and helps long-term plans, such as college tuition, stay intact.
  3. If you’re a single parent, life insurance is absolutely critical for safeguarding a financial future for children. 
  4. If your spouse is a stay-at-home parent, your family will need income to replace the value of your spouse’s contributions to child care, cooking, cleaning, and other household maintenance.
  5. If you have grown children, life insurance can help your surviving spouse meet regular bills and continue any assistance you offer your children.
  6. If you’re about to retire, life insurance could help your heirs cover any estate taxes they may face without having to liquidate retirement assets.

If you fall into one of these categories, consider enrolling in Colorado PERA’s life insurance program during the annual open enrollment period beginning April 1 and ending May 31. Learn more by logging on to your account at www.copera.org with your User ID and password or by calling Unum, the program’s administrator at 1-866-277-1649.

Photo: Thinkstock/Fanatic Studio

What If You’re Single?

Life insurance could still be helpful if you’re caring for aging parents or other family members or if you have significant debt that you don’t want to pass on to your family.