Anyone who has shared debts or someone who relies on their income should consider getting life insurance coverage.
There are many reasons you may need life insurance. If you’re unsure if you need it, the simplest question to ask yourself is: Does anyone in my life benefit from or need my financial support? This could be a child, spouse, aging parent, business partner, or even the co-signer on a loan who would get stuck with the debt if you weren’t around to pay it off.
If you answered yes, you probably need coverage.
| If you are a… | You may need a policy because: |
| Parent | Life insurance helps with the everyday expenses of raising a child and saving for college tuition and other milestones. |
| Spouse | Life insurance guarantees you’re covered for any shared expenses or loans. |
| Entrepreneur | You can name a business partner as a beneficiary. Proceeds can be used to keep the business running or buy out the deceased’s shares. |
| Caretaker | Whether you care for an adult child, an aging parent, or someone else, life insurance helps your loved ones find new aid if something happens to you. |
| Homeowners | Most Cayman Islands banks require life insurance in the amount of your mortgage. |
| Young Adult | Life insurance can help your family pay for funeral expenses. |
| Engaged Couple | Getting a policy before you have children can allow you to lock in a lower premium. |
In general, the recommendation is to own coverage as you would five years from today. If you are young and have no dependents, ask yourself:
- Can your loved ones afford the cost of unexpected funeral or medical expenses if you die?
- Did someone co-sign a loan for your home or car?
- Do you plan to have children in the near future?
Speak to your CIIA member firm insurance representative today.
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