MoneySmart

Financial tips and money-saving advice from Goldenwest Credit Union

Do I Need Life Insurance

September 7, 2022

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Life insurance is designed to provide financial support to your loved ones after you die. When you buy a life insurance policy, you enter into a contract with the insurance company stating that in exchange for premium payments, the insurer will pay out a lump sum to the beneficiaries of your choice upon the insured person’s passing. Once the beneficiaries receive the death benefit, they can decide the best way to use it.

The decision to buy a life insurance policy is a personal one. Some of the most common reasons why people purchase life insurance include:

• To pay for end of life costs
• To provide financial security
• Help pay off debts
• Help pay living expenses

When you talk with a Goldenwest Insurance agent, you can be assured that you are getting life insurance for the right reasons. Our agents, with you, go through your personal needs and circumstances. They can help you determine how much coverage your loved ones will need if you are gone as well as what type of insurance is best for you.

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