Today’s families are changing and so is their need for life insurance coverage. We see more and more female breadwinners, single mothers, stay-at-home dads and people who choose to have children later in life.

Life insurance is a great income replacement tool that will protect your dependents and loved ones in the future. Having proper life insurance is essential. Below is a list of five groups that probably need life insurance coverage the most.

1. Breadwinners. Many people are the only source of income for their families. If this is the case, you need life insurance coverage that equals at least ten times your salary. If you work for a company that offers life insurance coverage, it is a great way to get insured.

However, there are several things you need to keep in mind if you have group life insurance coverage. For example, group coverage may only be valid while you are working and while the employer is in business.

2. Stay-at-home parents. In families with minor children, both parents should buy life insurance policies. Even though a stay-at-home parent’s contribution is rarely given monetary value, the services of a stay-at-home parent should not be underestimated and should be taken into account when purchasing life insurance.

The cost of childcare, caring for the home and transportation must be factored into your calculation of how much life insurance coverage to buy. In case a stay-at-home parent dies, all those services will need to be purchased and the money from a life insurance claim can help pay for it.

3. Single mothers: According to the National Center for Health Statistics, more than forty per cent of babies in the United States are born to unmarried women.[1]

Even though most single mothers are in their 20s and 30s and may think that they are too young to buy life insurance, they need life insurance coverage the most. Accidental death coverage is also a good option for young healthy individuals who recently became new parents.

4. Business owners. Business owners have many financial responsibilities and obligations related to their work. They need life insurance coverage to make sure their business continues to run after their death or that there are sufficient funds to cover business debt.

5. Older parents. Those who choose to have children later in life face great financial responsibilities, such as childcare, education costs and college tuition on top of the existing mortgage obligations, business debt, etc..

In addition, they may have aging parents who need to be taken care of. These individuals need life insurance coverage that would provide a steady source of income to their children if case of death.

Buying life insurance coverage is only one part of the process in planning secure financial future for your beneficiaries. In spite of the policyowners’ efforts to protect their loved ones, life insurance claims may be denied for various reasons leaving those who relied on the death benefits for survival at a loss.

While good life insurance planning is essential, you cannot protect your beneficiaries completely from a possible future claim denial. In case the unthinkable happens and a life insurance claim is denied, an experienced life insurance attorney can help. Life insurance lawyers at our firm will help you collect on a wrongfully denied life insurance claim.

Call (888) 510-2212 for a free consultation.