3 Surprising Reasons You May Need Extra Life Insurance

Learn three reasons you may need more life insurance than you think.

Transcript:

3 Surprising Reasons You May Need Extra Life Insurance

[video: Text appears on the screen that reads: "Kinglinger presents 3 Surprising Reasons you may Need Extra Life Insurance" and then "Sponsored by Mutual of Omaha". The next screen shows an animation of a child sitting with a bow in their hair. In the bottom left corner, it reads: "A Special Report from Kiplinger's Personal Finance". This is followed by a man in a business suit speaking to the camera.]

Protecting young children is the number one reason we buy life insurance. But that may not be the only reason we need it. In fact, most people overlook some very common expenses when they’re estimating how much coverage to buy. Here are three reasons you may need more life insurance than you think.

[video: Text appears on the screen that reads: "No. 1 Home Repairs (Especially if you Have an Older Home)." A cartoon-style illustration of a home appears.]

No. 1: Home repairs … especially if you have an older home

Major home repairs can take a huge toll on finances. And many won’t be covered by your homeowner’s policy. Especially if your home is older, your surviving spouse will need enough money to fund repairs and replacements.

[video: Text appears on the screen that reads: "No. 2 Support for Your Adult Children". A cartoon-style illustration of a young person in a graduation cap and gown with a briefcase.]

No. 2: Support for adult children

[video: Text appears on the screen that reads: "1 out of 3 Young Adults Need Financial Support up to age 34".]

Figure your children will be self‐supporting after they graduate from college? You may want to check those assumptions. According to Pew Research Center, almost 1 out of 3 young adults continue to need financial support … up to age 34. Make sure you consider this possibility when deciding how much coverage you need.

[video: Text appears on the screen that reads: "No. 3 Funding Retirement for a Surviving Spouse". Illustrations of a cartoon-style couple appear. The male then disappears.]

No. 3: Funding retirement for a surviving spouse

What happens to your spouse’s retirement plans if you die in your 50s? You will not be around to make 10 to 15 years’ worth of contributions to your savings. And that shortfall could mean a surviving spouse will struggle to live comfortably during retirement. The takeaway? It’s a good idea to double check your coverage today. You’ll want to make sure your family has enough protection to weather all kinds of situations.

[video: Text appears on the screen that reads: "Kiplinger" followed by "Sponsored by Mutual of Omaha".]