You ask anyone on the street whether you should have life insurance and they will almost always say yes. Why? Because everyone is going to die at some point. But is mortality enough of a reason to buy?
If you are 22 years old with no family or dependents you don’t necessarily need a life insurance policy and certainly not a large one. But what if you have a decent job, a spouse, a couple of kids and a mortgage. You are the primary wage earner. If you were no longer around could your spouse keep the house? Could your kids go to college? Would it be hard to buy food and clothes? For you, life insurance is not only reasonable, its almost negligent not to have it. Your need for life insurance changes as your life changes.
Term Life Insurance is designed to protect you and your family from disasters and financial burdens that arise from a premature death. Life Insurance is the ultimate Disaster Management Tool. It provides for your family after your death when you no longer can. Throughout life we meet our financial commitments without thinking much about the thin the line between normalcy and disaster. We don’t think about (or don’t want to think about) what happens if we can no longer work. This can spell disaster for those that you love.
Without the backup financial security of a well designed Term Life Insurance Policy, your spouse will find herself ill prepared not only for the ongoing costs you already face, but the added costs of funeral expenses, medical bills and perhaps even job training and child care. How much insurance a person needs would vary, depending on lifestyle, financial needs and sources of income, debts, and the number of dependants? A standard rule of thumb is insurance should be five to ten times your annual income. It is best to chat with an expert to figure out what kind of target insurance amount is proper for you and your family.
So 10 reasons to figure this out now.
- You never know when something could happen and you love your family too much to leave them struggling.
- Life insurance correctly planned will on premature death provide funds to deal with monies due, mortgages, and living expenses
- Your life insurance payout is tax free cash which can be utilized to pay estate and death duties and to tide over business and personal expenses.
- Life insurance can have a savings or pension component that provides for you during retirement or emergencies.
- Some policies have options like coverage of critical illness or term insurance for the children or spouse.
- Having a current insurance policy is often considered a financial asset which can improve your credit rating and can help when you need a loan.
- In case of bankruptcy, the cash value as well as death benefits of an insurance policy can often be protected from creditors.
- Life insurance can be planned so your loved ones don’t have to worry about the funeral expenses.
- Life Insurance protects your business from financial loss or any liabilities in case a business partner dies.
- It can help keep your family maintain the lifestyle that you worked so hard to get to even after you are gone.
What better gift can you give to your family then to continue to take care of them? So unless you have figured out a way not to die, why risk your loved ones future? Get an Online Life Insurance Quote Today