Life Insurance 101

Why do you need Pilot life insurance?

The need for life insurance is often underestimated. Will your family be prepared to handle the financial burden if the unexpected were to happen? Making the decision to purchase life insurance can protect your family’s future. Here are some reasons to consider purchasing a life insurance policy today.

Replacement of Income

Is one of the most common reasons to purchase a life insurance policy. Most companies recommend having a minimum of 15-20 times your annual salary.

Estate Planning/Taxes

In some cases, people feel they have no need for life insurance because they have a high net worth. Life insurance can be used to pay off estate taxes and settlement charges that may occur. If you have assets in a business, real estate, stock, etc. it may be difficult to liquidate those assets to settle your estate. Having a life insurance benefit paid out in cash can help your family avoid the headaches of deciding which assets they need to liquidate in order to settle your estate.

Pay off Debt

Various debts you may have can be a burden for your family to pay off. Life insurance provides the means to pay off those debts and provide financial security for your family for years to come.

Final Expenses

Unexpected medical bills or legal expenses can add up quickly. Medical bills alone could cause a great deal of stress for your family and become a burden to pay off. Life insurance can be used to pay off these final expenses you may have.

College Education

The cost of college continues to escalate. Life insurance can give you the peace of mind to know that your family will have the ability to pay for college education.