Examples of a Life Insurance Need

Linda, a 54–year old single mother

Situation: Linda is a 54–year old single mother of two daughters. Both of her daughters are grown, married and completely independent. At this stage of Linda’s life, she does not need life insurance to protect a child or spouse. She is however, concerned about the costs that will be associated with her death. Linda does not want to be a burden to either of her daughters and is therefore looking for ways of creating liquid assets that can be used toward her final expenses and funeral expenses.

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Michelle and Mark, a married couple in their mid–forties

Situation: Michelle (age 45) and Mark (age 48), a married couple of four years have recently purchased and moved into a brand new home. Mark and Michelle are both on their second marriages and have no children to provide for. In purchasing their new home, they were able to make a 30% down payment on their new $1,800,000 home.

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Steve and Ashley, a couple in their early thirties starting a family

Situation: Steve (age 34) and Ashley (age 31) have been married for 5 years and just had their first child 8 months ago. Steve is a consultant at Firm XYZ and Ashley was an Elementary School teacher but has stopped teaching to stay home with the baby. Together they have decided that Ashley will be staying out of work for a few years to raise their family.

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