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There are many reasons individuals need to consider buying life insurance and these needs may change throughout life. The most common reason everyone should have life insurance is to pay for final expenses - burial fees, funeral expenses and to pay for final debts. Estate taxes are included in the final expenses category and can wipe out any inheritance if they are not properly planned for. Other reasons vary depending on your personal situation. You may need to provide financial protection for dependents that are left behind. When an individual dies, the financial support he or she provided to the family ends. However, the family's need for income continues and life insurance can cover these needs. The proceeds from a life insurance policy can be used to pay off a home mortgage, automobile loan, credit cards, or any other debt that may have accumulated, relieving family members of the financial burden.


Individuals should start by having a needs analysis done to assess the financial impact on the family or business if the breadwinner or a key person in the business should die. The analysis will look at income-generating capability, current assets, debts, and ongoing expenses. Another consideration is your overall financial picture. This may include your goals for retirement, estate and tax planning, and education funding for any dependents, as well as your overall feelings about investments and risk. The results will indicate whether you have a need for insurance and how much is appropriate. The next step will be to look at what individuals can afford to pay for insurance.


Individuals that do not buy insurance at all are taking a big risk against protection for their family. Others make the mistake of not having enough insurance to cover their needs or select the wrong type of policy and do not read the exclusions and other riders contained in the policy. And still some individuals are overinsured wasting resources that could be put toward other goals.


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Raymond James Financial Services, Inc. Member FINRA/SIPC

Forney Financial Solutions is independent of Raymond James
3018 Pleasant Valley Boulevard, Altoona, PA 16602 | info@forneyfs.com | 814-944-8474 or 888-9-FORNEY

Raymond James Financial Advisors may only conduct business with residents of the states for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.

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