Why Spend Money on Life Insurance?

Why Spend Money on Life Insurance?

 

OK – your budget is tight.  Why would you spend your hard earned money on life insurance?  There are many reasons to have life insurance, even if you are not supporting a family.

  1. Keeping your home.  Whether you live by yourself, with a spouse, or a significant other, you may want to buy life insurance to protect your mortgage.  What would happen to the person you live with if you died unexpectedly?  Would they be able to afford the mortgage without your income?  Do you want them to lose the house?

    2.   Money for everyday expenses.  You and your spouse may have planned for a future based on two incomes – but what if one of you passes away unexpectedly?  Life insurance can be used to replace the lost income so the survivor can maintain the same standard of living.  Credit card debt, car payments, loans – secured and unsecured – all the bills you pay on now – how will those be covered if you are not contributing to the budget?

   3.   Money for final expenses.  Costs for the funeral, burial, and outstanding medical bills can add up.  Do you want your loved ones to shoulder this extra burden?

4.   Children’s expenses.  If you have children, life insurance can help fund a college education.  If you die, the death benefit may be invested and potentially grow to the needed amount by the time your children reach college age.  Wouldn’t you feel better knowing that you helped prepare for their future – even if you aren’t there to see it?

The time to purchase life insurance is now!  Don’t put it off.  The younger you are when you get insurance, the lower the cost and the easier to get approved.  Your life insurance needs will change as your personal situation changes – birth of a child, marriage, etc.  Be careful to ensure the product you purchase is suitable for your long term life insurance needs.

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