What Is Life Insurance?
One of the few sure things in life is that it’ll eventually end and this is something everyone should prepare for. Even if the topic is uncomfortable, it’s important to consider what would happen to others if you were no longer around. For many Maine residents, carrying life insurance is an important component of being prepared for the ultimate end.
Life insurance, at its most basic level, is a form of protection against the effects that a policyholder’s death could have on others. Should a policyholder pass away, their policy will normally make death benefits payments to named beneficiaries. Some policies may offer only these benefits, while other policies may combine these benefits with investment opportunities.
Who in Maine Should Have a Life Policy?
Broadly speaking, Maine residents probably should have a life policy if their passing away would cause a financial strain on others. Some examples where a life policy may be appropriate include:
- Parents who financially provide for their children
- Spouses who financially provide for their spouse
- Caregivers who provide essential services to a disabled person
- Caregivers who provide free childcare for their children or grandchildren
- Business partners who are essential to the operations of their business