Who should have life insurance?
Life insurance is a form of financial security that almost everyone can use at some point in life. Whether you’re engaged, just married, starting a family, buying a new home, single, divorced or starting your retirement, you may want to consider life insurance.
It’s a good idea for a family, if you’re married, own a home, or need funds to pay for your final expenses, a life insurance plan can help you accomplish your goals of financial security for the ones you love.
People who should have life insurance:
Think you don't need life insurance because you don't have a big family?
Think again. It may seem like an unnecessary expense, but there are many reasons to own a life insurance policy, even if you’re not supporting a large family.
If you’re married you may want to provide funds to help your spouse pay off credit card debt, maintain a lifestyle, pay for living expenses, or fund retirement, among other things.
Mortgage Protection for Your Home
Whether you live by yourself, with a spouse or significant other, you may want to buy life insurance to help protect your mortgage and your home.
Think about it − you don't want the person you live with to be homeless if you die unexpectedly, do you? Life insurance can help your loved ones have the money they need to remain in the home they shared with you.
Term life insurance can be used to pay off an outstanding mortgage balance. Just select a term that matches the length of your mortgage payment period. Some insurance companies even offer decreasing term life insurance, which means the death benefit decreases over time along with your mortgage loan balance.
Income Replacement for Your Spouse
You and your significant other may have planned for a future based on two incomes − but what if one of you passes away unexpectedly?
Life insurance can be used to replace the lost income so the survivor can maintain the same standard of living.
Final Expenses including Burial and Funeral Costs
Did you know funeral expenses, burial costs, and medical bills may exceed $7,500? The last thing you want is for your loved ones to shoulder this financial burden when they are grieving your loss.
Life insurance can be used to plan for your final expenses. Permanent life insurance is available in various amounts, so you can pick a death benefit that meets your needs.
College Fund for Your Children
If you have children you may want to provide for their college education. Have you seen the tuition rates lately? Some colleges cost upwards of $20,000 or more per year. And that’s just for one student. If you have 2 or more children, the cost of a college education can easily exceed $100,000.
Life insurance can help you fund a college education for your kids. If you die, the death benefit may be invested and potentially grow to the needed amount by the time your children reach college age. Feel better knowing that you helped prepare for their future – even if you are not there to see it.
Don’t Put Off Buying Life Insurance
If you understand that you have a need for life insurance, don’t put off buying your policy.
Typically, the younger you are when you start your life insurance policy, the lower the cost and the easier to get approved for coverage.
As your personal situations change so will your life insurance needs.
Major life events will impact your life insurance needs and should indicate to you a need to review your life insurance plan. Whether you are getting married, starting a family, buying a new home or planning for retirement, you may want to take time to review your life insurance and determine if you have the coverage you need to meet your goals.
Life Insurance Quotes
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