Life Insurance: Why You Really Do Need It
Life insurance is a thought at the back of most people’s minds – something they know in theory they should take care of, but that seems like one of those things you can take care of when you get around to it. Unfortunately, life insurance is also one of those things that you could need at any time, and if you didn’t get around to taking out a policy, it could mean a financial struggle for your loved ones at a time when they are already struggling with grief.
You Need Life Insurance Today
Odds are good you won’t die tomorrow, especially if you’re young and healthy. But that doesn’t mean it couldn’t happen. Young people are the least likely to feel they need life insurance, especially those without children or major financial obligations like a mortgage. But there are some very compelling reasons to get life insurance when you’re young.
The biggest reason to take out life insurance even before you think you need it is that you will qualify for the best premiums. Being young and in good health means that you’re a good risk for the insurance company. That means you can lock in a low rate on a good policy and have a death benefit already in place when you do reach that point in life where you have a family to protect.
That’s not the only reason to buy young. No matter who you are, there are always final expenses to consider. You may have student loans and other debts to pay. And that money could allow your loved ones the financial safety net they need not only to pay those debts, but to take the time to grieve without worrying about lost wages. That alone is a good reason to buy life insurance.
Protecting Your Family
The need for life insurance only increases as you move into new stages of life. Buying your first home, getting married, and having children all increase the need to be able to provide something for your family should a tragedy occur.
The death benefit from a life insurance policy could mean the difference between allowing your family to remain in their home and forcing them to move at a difficult time. It can prevent them from being left to pay your outstanding debts as well as your final expenses, and without the means to continue the life they have been enjoying – the one you are working hard to provide.
Even if you aren’t the main breadwinner in the family, a life insurance policy is still a good idea. It will help the family deal with final expense and will also ensure there is money for future expenses as well, leaving the parent left behind with some extra help in a difficult time.
Leaving a Legacy
There’s no worse thought that not being there for your children as they grow up. But while we can’t stop tragedies from occurring, we can ensure that a legacy is left for those children if the worst should happen. A life insurance policy means you can still provide for your children’s future.
Life insurance policies are a good way to ensure there is money for a university education, or to buy your child that first car. It can provide a legacy that will ensure they can pursue those dreams, whether they are the dreams you have for them or ones they haven’t even thought of yet.
Life insurance can even be a legacy for another beneficiary should you choose – providing for other family members or even for a charity that is close to your heart.
When It’s Too Late, It’s Too Late
Life insurance is one of those things that you can’t obtain once it’s already too late. When the diagnosis of a terminal illness comes down, or there is a sudden accident, hindsight won’t help take care of your loved ones. The only way to do that is to purchase life insurance while you still can.
Many life insurance companies won’t provide a policy to people with certain conditions – even if they aren’t necessarily terminal illnesses. Rates may be much higher as you age or face conditions like high blood pressure, or cholesterol that can come with age. Sometimes the cost can become prohibitive.
Buying life insurance as soon as you can is the best way to ensure your loved ones are protected. Everyone needs a policy in place, and the best way to determine your needs is to talk to your insurance professional, or use an online calculator and then compare life insurance quotes. You’ll likely find that it’s more affordable than you though to get peace of mind.