Life is always changing and usually gets more complicated, especially once you get married and possibly start a family. The weight of responsibility can get pretty heavy at times, especially thinking about what the future could bring. What would happen to your family if you were to die tomorrow? How would the house, car, loans, or credit cards be paid for? Could your spouse afford all of that on their own salary? Your spouse would be dealing not only the sadness of losing you but also the financial burden. That can be a difficult thought to ponder and a tough discussion to have. Life Insurance is a great way to relieve some of that stress now.
Why Consider Life InsuranceIt is important to question if your family could continue living the same lifestyle should something happen to you. Would your spouse be able to afford to pay all of the bills alone? If not, the results could be devastating to your family. Although many people understand the importance of Life Insurance, about 43% of people still do not have a policy. The business of daily life and busy schedules can easily push purchasing life insurance aside. Usually a big life event like marriage, having children, or starting a business can motivate people to buckle down and purchase a plan. If you have children and do not have life insurance, you are putting your entire family in jeopardy. Even if you are single, any debt you have will usually be passed on to your next to kin. If you have student loans for example, your parents may end up responsible for the outstanding debt. Do your family a favor and do not put that burden on them.
When is a Good Time to Purchase Life Insurance?Life Insurance may not seem as important when you are single and childless. However, once you pop the question or a child is on the way Life Insurance becomes vitally important. This is especially true if one parent cuts down on work hours or quits working altogether. Life changing events that should prompt you to look into Life Insurance include:
- Having a large amount of debt in student loans
- Being Engaged or Married
- Buying a house
- Starting a Business
- Having a Child
- Going Into Retirement