Does the American Idol Winner needs Life Insurance?

Does the American Idol Winner needs Life Insurance?
By Debra Rabin

The average American needs to have life insurance to protect the loved ones he or she will leave behind. But lets say you win the lottery, or even better, you win American Idol, will you still need to carry life insurance? Does Taylor Hicks really need life insurance; after all he just won a recording contract, a new Mustang and a lot of money! The answer may surprise you.

There are several types of life insurance; the most popular is Term Life Insurance, which is sold in increments of 10, 15, 20 or more years, hence the name term describes the amount of time you are buying coverage for. Term life insurance is a great fit for families since it is the most affordable type of coverage and can protect your family from the loss of their wage earners during the critical years when the children are dependents living at home, or longer if needed. Now you may know that Taylor Hicks is single, no family yet, no loving wife and children depending on his recording career to keep them afloat. Taking care of your family is the most popular reason for buying term life insurance, that may even be your reason for buying life insurance, but Taylor Hicks reasons are different.

If you win American Idol, the lottery or any other large cash prize you might think you are exempt from needing insurance and you would be wrong. As the winner of a big contest like American Idol, Taylor Hicks and the four winners preceding him really do need insurance. The music contract they sign with Simon might have some clauses that would require the winners estate to pay back money in case of an untimely death, like in the middle of a tour or recording session. Once Mr. Hicks or Mr. Lottery winner spends his money, there might not be enough left over to cover funeral costs, repaying medical or other bills, and of course even a lottery winner wants to be sure to provide security for their family. Purchasing Term Life Insurance gives you that advantage.

Unlike the odds against you winning American Idol or the lottery, the odds of you needing to support your family past your lifetime are nearly 100%. So Taylor Hicks, if you are out there, you probably want to purchase term life insurance to give your loved ones the peace of mind that a term life policy can give you.

Debra Rabin develops business and affiliation relationships for Spectrum Directs AmericanLifeDirect.com website which offers The Worlds Fastest Life Insurance Policy(TM). Spectrum Direct sells more e-commerce life insurance than any other company in the United States through its American Life Direct site. Ms. Rabin has been active in on-line Marketing and Sales for over 7 years, recently with MarketingJobs.com, as Director of Marketing and Sales, and previously ran the Washington, DC territory for The Thomas Group, a sales career fair company.

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