7 Reasons To Get Life Insurance Long Before You Think You Will Need It.

Hey, it’s Kathy here and today I want to talk about something that none of us want to hear or prefer not to talk about because, frankly, it makes us sad.

Yup, that’s right… as the title suggests, Life insurance.

Why is it so important?

Because life insurance gives you a chance at protecting your loved ones in case of your untimely demise.

I know, I know… No one wants to talk about their own death.

But hear me out.

By the time you finish reading this short article, you will know why it is so important and why you need it now then anytime else.

First, you need to know that it is a financial decision influenced mainly by emotions, originated from the sense of caring for your family.

Most people think of life insurance in their 20’s but blow off buying it till their mid-30’s.

Death is unpredictable.

Therefore, it is best to get a policy long before you think you will need it.

The term insurance invokes a sense of ‘adulting’ in millennials but makes no mistake because life insurance is not an option but a necessity.

Here’s why…

The True Essence Of A Life Insurance Policy

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There are numerous insurance companies in the United States, all having one goal: securing your family’s future. This policy is somewhat of a bought legal agreement between you and a company. It pays revenue to your family in case you pass away.

Around 40% of Americans lack having a life insurance coverage. Somehow the absence of financial security might influence your decisions.

State laws regulate various life insurance policies. This policy will have a symbolic umbrella over your loved ones as you pass on to the afterlife. However, getting professional advice before investing in one is crucial.

Your lifestyle will dictate and guide the type of life insurance policy you get. Irrespective of your age, this insurance will protect the financial confidence of your family. Therefore, being an adult, you should consider getting one for the sake of your beloved family.

The two types of life insurance that will guarantee financial safety are:

  1. Permanent life insurance: This form of policy investment provides coverage that will last a lifetime.
  2. Term life insurance: This insurance policy will provide coverage for a limited period, usually 20 to 30 years.

7 Reasons To Get Life Insurance Right Now

Not having life insurance can endanger the very existence of your legacy. Here are some convincing reasons why it is crucial to get life insurance before you think you will require it:

1.     You Have People Who Financially Depend On You

If you have people at home who require your financial assistance, having a life insurance policy is beneficial. In the event of your unprecedented demise, the insurance company will pay your beneficiary a monthly sum of money. It will give them a chance to grief withing having to worry about the procurement of necessities.

If you have a small child and a spouse, their lives will surely unexpectedly turn if you pass away. However, this financial aid will be like a heavenly grace for their living expenses and childcare. You will give them a monetary lifeboat that will help them in your absence.

2.     You Have A Substantial Amount Of Debt

Life insurance is a selfless deed that will protect your people from financial problems arising from your debt. According to research, there are around 44 million active student loans in America. However, the enormous debt that people owe is a mortgage.

It is essential to select a coverage amount that will ensure your beneficiary has sufficient monetary funds to pay off that debt. In case of your death, private loans are not forgiven by the state. Therefore, having an insurance policy will ensure a steady flow of money that will pay off all your debts.

The right insurance policy will help the co-signer of your loan potentially pay it off with ease. 

3.     You Have A High-Risk Job

Jobs in industries that require you to face potential death every day should be a driving force to that life insurance. The dangerous your job is, the more expensive your insurance will be. However, the expense seems minuscule to the amount of premium protection it will give your family.

Life insurance will also cover loss of work hours due to physical injury from jobs like mining or firefighting. Having to work in the construction or aviation industry will have unexpected challenges every day.

Your pledge for the country should not come in between the commitment you have for your family. Therefore, compatible life insurance will safeguard your loved ones after you are gone.

4.     You Are Planning To Get Married

Marriage can be the happiest moment in your life. However, once you say your ‘I do’s,’ you are responsible for your spouse’s future. Better yet, if your soulmate relies on your lifestyle income, it is always a positive idea to get life insurance.

Irrespective of your spouse’s paycheck, having a compatible policy with your standard of living is crucial. In case of your premature death, your spouse would have a support system in the time of their grief.

Life insurance will allow you to look over the person you love, even from beyond your grave.

5.     You Are Under The Age Of 40

One of the reasons to get life insurance before you are older is the cheaper monthly rate. You could say insurance is a form of investment that you selflessly secure.  You can protect your family with affordable and more reliable insurance if you get it before 40.

Most people resist getting a policy with the idea that it is for older people. However, knowing the severe unpredictability of life, you should get permanent or term life insurance. You can apply for insurance once your parents retire and you start building your family.

The overestimation of the prize revolving around this policy is overwhelming. However, the younger and healthier you are while getting life insurance, the cheaper it will be. It is best and more affordable to get a good life insurance policy before you hit 40.

6.     You Are A Caregiver

The very spirit of caregiving revolves around life insurance. According to an AARP Public Policy Institute report of 2018, around 6.2 million Americans are acting caregivers. Insurance is not just about protecting your immediate family; it is about safeguarding the future of your grandparents and aging in-laws.

If you have people who rely on your income, it is your foremost responsibility to get life insurance for your aging parents. Without a good policy, they are left with nothing if you die. Insurance will provide them with long-term care for their expenses.

7.     You Have Dangerous Hobbies

Thrill-seeking from extreme sports can be dangerous. However, being an adrenaline enthusiast, you should not be stopped. Having a life insurance policy will ensure a steady flow of funds to your family in case of your death from unnatural causes.

Even if this will be an expensive policy, it is the best you can do to repay them for their support. Having a transparent life insurance policy will assist your loved ones with their financial future.

Wondering how much of life insurance you should take?

Here’s a video that explains it all…

Summing Up

Even if life insurance is a consequential purchase, it is worth your time and life.

After extensive research, you can buy coverage that compliments your needs perfectly.

Once you are 18 and out in the world making your own decisions, this policy will safeguard the future.

Life insurance invokes a promise of ‘I will always look after you all’ for your loved ones. It is the only way you can protect the ones you care about when you are not there to care about.

Hope that makes sense.

I will see you soon with another random thought.