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Who Are The Four Main Groups Of People Who Need Life Insurance?

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By Author: J.J. Yong
Total Articles: 963
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Life Insurance can be a special gift for your loved ones, such as your spouse, children or aging parents, to enable them to continue with their lives even if something unexpected bad happened to you causing you to leave your family behind. However life insurance beneficiaries shall not be limited to family members only.

Here are a few groups of people, who essentially need life insurance plan as it is playing a key role for them as well as for their family/beneficiaries under different circumstances:

a. Parents
- No matter if you are a single parent, or a divorcee with kids, or are bringing up your children together with your spouse, the responsibility as "parents" lies on both the biological parents. It is just normal ritual to provide the necessary protection and care for our next generation in whatever possible way we can.

- One of the safest and guaranteed method as of how you can be assured that your children and spouse will be getting the necessary shelter and protections is through life insurance plan which you have purchased for them when you are still alive.

b.Single person
-You ...
... may not have a family whom are financially dependent on you, but you may have some outstanding debts which you wouldn't want to leave behind for anyone to bear, whether they are your siblings or parents.
- Insurance plays a great role here in ensuring that no one will have to bear the financial liability for the debts and loans which you have left behind.

c.Business
-Life insurance is also used to protect business owners. If something unexpected happen to you or your business partners, the one who are surviving will need to bear the whole responsibilities and liabilities of the business. The role of Life Insurance is to make sure your Business partner or you is covered and protected financially should anyone encounter a premature death unexpectedly.

d. Key employee of a company
- Key employee is someone whom is difficult to be replaced in terms of role and responsibilities, knowledge and skills, leadership and commitment that these key employees have. It might take the company a considerable long period of time to train someone up to replace these critically important employees.

It is wise for the company to insure for this group of employees with a good insurance policy just in case crisis strikes and lead them to decease suddenly. Under this situation, the death beneficiary will be the company, where the death benefits will help to keep the vacancy afloat while looking eagerly for a replacement that can perform equivalently well for the company.
For more information about cheap life insurance and term life insurance quote, visit LifeInsuranceEssentials.com.

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