Wellman Shew Discusses 5 Reasons Why Someone May Need Life Insurance
FRESNO, CA / 2022 / Many people think life insurance is unnecessary until later in life. Agency manager and owner of Shew & Company, Wellman Shew, recently discussed five reasons why someone may need life insurance earlier in life.
“Life insurance can put your mind at ease and save your family during a time of crisis,” Shew said. “Unfortunately, these situations can happen at all ages — not just when we’re old.”
Shew explained five common reasons why a person may benefit from purchasing life insurance now.
A lot of financial discussions take place before a couple gets married. Life insurance should be one of those conversations.
Joint life insurance policies are designed for married couples. They can help lessen the burdens of estate and inheritance taxes on beneficiaries. A life insurance policy should also be considered if one or both parties are bringing children into the family from a previous relationship.
2. A Growing Family
The expectance or birth of a child is a common reason individuals and families purchase life insurance policies. Life insurance can cover education, a home mortgage, or other expenses if a parent dies. Experts suggest considering life insurance while planning a future family or once the first child is born.
3. Business Ownership
Business ownership is a major reason to consider a life insurance policy. The owner of a business typically plays a major role in its success.
A business-owned disability insurance or life insurance policy will name the business as a beneficiary so that it can stay afloat.
4. Private Student Loan Holders
Private student loans create a large amount of debt that can be a major burden to others if the loan holder dies. Wellman Shew explained that a life insurance policy could prevent this debt from being left behind to cosigners, spouses, or others.
5. Thrill Seekers
Extreme sports are more popular than ever, and they put individuals at a higher risk of disability or death. Individuals who work high-risk jobs also have a higher chance of dying or becoming injured from unnatural causes.
Individuals seeking life insurance for these reasons may pay a higher base premium or annual fee, but they can also live with the peace of mind that their lifestyle choices won’t leave the ones they love with crippling debt.
Wellman Shew is a business and insurance specialist with more than 40 years in the industry. He is President and Agency Manager at Shew & Company Insurance Services Inc. He was named the Member of the Year for the CCAHU local health underwriter underwriters association and has received countless other industry awards.
Shew enjoys using his life insurance knowledge to save families from potentially devastating financial situations.