Do I Really Need Life Insurance?

July 22, 2021

Do I Really Need Life Insurance?

The short but genuine answer is Yes.  Now, you might think we’re just saying that because we’re an insurance company; we appreciate your cautiousness, so let’s talk about it.

The fact that you’re reading this means you’re probably past your happy-go-lucky early college years. Instead, you likely have responsibilities and people you deeply love who depend on you. Here at Althans Insurance, as a 4th generation family business, we understand more than most the value that comes from making smart long-term decisions.

What Is Life Insurance? 

Life insurance is a kind of insurance that provides financially for your beneficiary (a spouse or any loved one of your choosing) in the event of your untimely death. 

There are many situations in which you may want to provide this kind of security to your family. Let’s discuss 6 of them.


Married? Congratulations! Finding the person you want to spend the rest of your life with is no small feat. In marriage, not only does your life become intertwined with your spouse’s, often your finances do as well. 

Life insurance can help you protect the new life you and your spouse have begun building together. The payout from your life insurance can, of course, cover funeral costs (U.S. average cost $7,000 -$ 9,000), but it can do more than that. It can also give your partner some financial breathing room from debts and bills during what will be a tough time for them. You can choose a benefit amount that would support giving your spouse time to process things and plan on how to best move forward.


If you have children, you already know they are game-changers in every possible way.  

Did you know?

We can’t imagine that the costs have gone down in the past six years. 

Your life insurance payout can cover the portion of day-to-day expenses or college expenses your salary would have covered. The partner that stays at home also provides a tremendous financial contribution to the household. 

Did you know?

Your life insurance can be a true safety net for those you love the most.

Home Ownership

Often we purchase a home to provide a sense of security and stability for our families. Unfortunately, the mortgage debt that purchase created does not terminate at death. Use a life insurance benefit to preserve that for security for your family no matter what. If you have a mortgage, consider purchasing enough life insurance to pay off your mortgage in full.

Cosigned Loans and Debt

Did a family member do you a solid and help you get the best rate on a loan by cosigning?  Use life insurance to protect their  generous act from causing them future harm. So, if something were to happen to you, they aren’t stuck with a bill and debt they don’t deserve.

Elderly Parents

Times have changed since our parents were young. It used to be that retirees could depend on good pensions and social security to care for them in their golden years. However, as things have changed and the cost of living has increased, more and more adult children find themselves offering financial support to their aging parents. Life insurance can help you arrange support and long-term care for those who first cared for you.

Business Ownership

If you’re an entrepreneur, consider life insurance as part of your estate planning strategy.  Answering specific questions will help you decide how much life insurance you need. 

  • Will your children or spouse take over the business?
  • Do you want your partner to buy out your shares? 
  • Will your company be able to remain profitable during the initial shock of your loss while preparing for sale?

While your family fulfills your wishes for the business, your life insurance payout will act as a financial buffer between them and any business hiccups and unexpected expenses caused by your sudden loss. 

Be Proactive, not Reactive

The last thing you want is from some unforeseen circumstance requiring coverage to spring up while “get life insurance” is still on your To-Do List. And bonus: the younger you are, the better rates you’ll get. Let us reach out at a time convenient for you for a quote tailored to your needs and budget.