When you think about the phrase “times of your life” – you probably are thinking about specific events such as getting married, having a family, or retiring. Events like these are some of the highlights that bring us great joy in life! With that joy, often comes additional responsibility to help protect your loved ones if you died and were no longer around to provide for them.
Here are some life events (or stages) to help trigger your need for life insurance. Keep in mind that at any stage in life – if anyone depends on you – there is a good chance that you need life insurance.
Many families depend on two incomes to make ends meet. If you died suddenly, would your spouse have enough money to cover your funeral costs, credit card balances, outstanding loans and daily living expenses?
Raising a child is one of the most rewarding things a person can do in life. But it’s also one of the most expensive. If you died tomorrow, would your spouse have the means to provide your children with the opportunities you always dreamed they’d have? From diapers to diplomas, would there be enough income to pay for expenses such as daycare, a college education and everything in between?
If your children are on their own and your mortgage is paid off, you might feel your need for life insurance has passed. But if you died today, your spouse could outlive you by 10, 20 or 30 years. Would your spouse have to make drastic lifestyle adjustments to make ends meet?
Adequate life insurance coverage can help widows and widowers avoid financial struggles in retirement.
Most single people don’t feel they have a pressing need for life insurance because no one depends on them financially. However, if you’re providing financial support for aging parents or siblings, or if you’re carrying significant debt you wouldn’t want passed on to family members, you should consider life insurance.
Have you helped protect the “times of your life” with life insurance? If not, we encourage you to consider doing so today.
Smart financial planning today can leave your family with a debt of gratitude.
When it comes to life insurance, many people rely on what is offered through their employer, and that may not be enough.
An often-heard refrain is, “Buy term and invest the difference.” Others say, “Why rent (term), when you can own (permanent)?”