Family · Investments · Life Insurance

10 Reasons to Have Life Insurance

Some of us may hesitate on getting life insurance because we aren’t sure if we need it. But when it comes to protecting your family, you have to be proactive! Read through this list and see if any of these reasons apply to you, and if so, you may want to rethink your decisions about life insurance!

1. You’re the breadwinner.

Whether you’re making part or all of the income for your family, you most definitely need some sort of life insurance to protect your family from financial disaster in the event that you are no longer around.

Life insurance will not only provide a much-needed income for your family, it will also provide necessary funds to afford benefits for you and your children.

Also, even if you already have a life insurance policy from your employer, you might still want to purchase an additional policy on your own — just in case you ever lose or quit your job.

2. You’re a stay-at-home parent.

Yes, you read that right. Even if you aren’t contributing to the financial well-being of your family as a stay-at-home parent, you are saving thousands of dollars by staying home with your children.

Not only are you dodging a huge daycare expense, you’re also able to do the cooking, cleaning, errands, laundry, and all the bazillion other tasks you do each day when you are home.

If you were no longer around to do those things, your spouse would need the money to pay someone else to do it all… and that could be expensive!

3. You have debt.

As I’m sure you can imagine, most people have some sort of debt — whether it’s a mortgage, car payments, medical bills, or credit card debt.

That debt will fall on the hands of your family members if you pass away.. however, if you have life insurance, the burden of your debt won’t be nearly as stressful as you’ll have a large amount of money to put towards that debt.

4. You’re young and healthy.

Yes, I realize this might sound completely crazy, but if you’re young and healthy, your yearly premiums will be MUCH lower than if you’re older or if you are not in the greatest health.

Investing in life insurance early can help lock in lower rates, rather than waiting and being saddled with higher premiums. There’s no excuse to wait!

5. You have young children.

If you and/or your spouse pass away and are no longer able to care for your children, you certainly don’t want to leave your relatives with a huge financial “burden” on top of the stress of planning your funeral and caring for your children.

Nobody wants to think about what would happen if they weren’t around for their children anymore, but Life Happens, so parents must be prepared!

6. You want to have a funeral.

In case you haven’t noticed, funerals can be VERY expensive. Even if you have an emergency fund, a funeral could easily drain your savings, leaving your surviving family members with nothing to live on.

7. You don’t have a lot in savings.

Speaking of savings accounts… if you don’t have much in your savings account, or if you don’t have an emergency fund to fall back on, you most definitely need a life insurance policy as a “safety net” in case you’re no long around to financially support your family.

8. You have a family business or family wealth.

There are some life insurance policies that can protect your family business and allow you to leave more money to your family members as part of your estate. An insurance agent would be able to spell out the intricacies for you, and see if this would be an option that would work for you.

9. You are involved with a special charity.

Even if you don’t have family members to benefit from your life insurance policy, you can use that insurance to leave a lasting gift to your favorite cause or charity when you pass away.

10. You want peace of mind.

For many, life insurance is a very simple and relatively inexpensive way to achieve peace of mind that no matter what. It’s good knowing that your spouse and children would be taken care of even if you weren’t around to take care of them.

Death is not something we can plan for… but we can be prepared “just in case” something tragic happens.

Life insurance is a very personal topic, and one you’ll need to make based on your own family and financial situation. But it’s important to start the conversation now, so that no matter what the future holds, you are ready.

If you have any questions, or want to discuss getting a life insurance policy for yourself, contact a Colonial agent today!

Original content from AndreaDekker.com: http://andreadekker.com/10-reasons-to-have-life-insurance/#ixzz4Iv2TdkFf
Under Creative Commons License: Attribution Non-Commercial Share Alike

All insurance products are subject to terms, conditions and exclusions not described here; we can answer any questions you may have.

 

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