Today there is a lot of information in the news about health insurance. It seems like every time we turn on the t.v. or read a paper that's all we hear about.
But what about life insurance? You rarely hear a conversation about that. When it comes to life insurance there is generally a divide in the way people think about it according to where they are in life.
Typically, young single people don't think they need life insurance. Many people only start to think about getting life insurance as they get older, get married and/ or have kids.
It is a wise move to invest in life insurance when you have a family to protect and people who are counting on you. But, it can also be beneficial to invest in life insurance even when you are single, young and childless.
Here are some of the best reasons for you to get life insurance:
- One of the most obvious reasons for getting a life insurance policy is to ensure continued income even after your death. This is more important for people who have families that are dependent on their income. Dealing with the death of a loved one is hard enough, losing your home and your lifestyle is another element that can be easily avoided with proper coverage.
- Final expenses. This is one of the best reasons everyone should have life insurance, even if you're single. No matter where you are in life you will still have final expenses. You may also have credit card or other debt and if you're young and single, and your parents co-signed for some of your debt, an insurance policy will ensure they aren't stuck holding the bag financially after you're gone.
- Pay off debts. The last thing you want to do is leave loved ones with debt. Whether your spouse, children or parents, they will have enough to deal with after your death, you don't want to leave them responsible for a mountain of debt too. Try to get enough coverage to cover not just mortgage and car payments but credit card bills and other unsecured debt as well. And don't forget about medical bills.
- Replace lost income from a spouse. If your spouse also works, what would happen if your household had to suddenly get by on just one income? For most families the impact would be enormous.
- Future expenses such as college. If you were to pass away suddenly, what would happen to your kids and their academic future? Most people don't have all the money they need for their kids college fund until their kids actually leave for college. What would happen if you died and weren't able to continue to build up their college fund?
Hopefully you see the importance of getting life insurance to protect your assets as well as your financial future and the financial future of your family.
The next question you need to ask yourself is how much you need and what is the best type of life insurance for you. A qualified insurance agent will take the time to sit down with you and discuss all aspects of life insurance so you make the best decision possible.