If you are considering buying life insurance, you probably have a reason. Something in your life triggered you to think about why you might need a life insurance policy. There are many reasons to buy and if you are doing your research, you are coming to that conclusion.
Does everyone need life insurance? Honestly, no. If you are young, have no debt and no one financially depends on you, then you don’t have a reason to buy life insurance. Do most people need life insurance? Yes.
There are many factors that motivate people to buy life insurance. Let’s look at some of these common life events.
You are pregnant or having another child
Having a family increases your need to own life insurance. Your first instinct is to protect your family and one way is to financially protect your loved ones. Life insurance can offer the financial support for your family if you were to die. Your family’s standard of living doesn’t need to change and your spouse can use the money to take time off from work and even send the children to college.
You are getting married
After you get married is a perfect time to shop for life insurance. You are now sharing your life with “the one.” You share your love, your adventures, and also your debt. If you don’t already own a house, it’s probably on your to-do list along with starting a family. Get your life insurance now, before you are saying that you wished you had bought life insurance when you had more time on your hands.
You are getting divorced
When you get divorced, your world gets turned upside down and your financial situation might change as well. Are you taking on more or less financial obligations? You may need to consider purchasing life insurance. If you already have policy in place, after a divorce is a good time to change beneficiaries and determine if you need to make any changes.
You have had a family member or a friend get a terminal illness or die
A major trigger to buy life insurance is when someone close to you dies or gets diagnosed with a life changing illness. When something like that hits close to home, you think about your family and what you can do to protect them. It’s easy to put off buying life insurance, but it’s harder to deal with not having it when you really needed it.
You are buying a home
Congrats! You are buying a home where you will raising your children (or future kids), either way you will also have a large bill every month to pay. Time to get that life insurance policy in place so that your co-signer, spouse or loved ones won’t have to carry the load of the mortgage if something were to happen to you.
You have increased your financial debt
In a perfect world we would all be debt free. But guess what? Life happens. We buy things, we start businesses, we educate ourselves. Many of these come at a high expense and loans are necessary to help us out. This is why life insurance is so important if you have debt. No one wants to leave their family with a pile of debt while they are grieving the loss of a loved one.
Cover funeral expenses
Funerals are expensive. Buying life insurance is great for providing funds to cover lost income, to pay bills and it can help cover the costs of a funeral and burial.
Our goal is to provide the education and resources to help you make the right decision for you and your family. Please contact us to discuss your individual needs.
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