Why You Should Consider Getting Life Insurance

Many people I know don’t have life insurance. I was one of them until a few months ago. When you’re young, or single you don’t see life insurance as a necessity. If you have a family or people who depend on your income, it may seem like something you can get later in life when you’re more likely to need it. Or it could be that you don’t think paying monthly for life insurance will fit into your budget.

Getting life insurance was something that I had been thinking about for years. I’d heard it was better and easier to get it when you’re young, but I didn’t think I could fit it into my budget. Recently I started working with a financial planner who recommended getting life insurance as part of my long-term financial plan. She then showed me how I could fit it into my monthly budget.

I was surprised at how affordable it was and how much more beneficial it was for me to get it now than to wait and get it when I thought I’d need it.


Why you should consider getting life insurance | arelaxedgal.com 

What is life insurance 

Simply put life insurance is a policy that pays out after you die.

Having life insurance is very important, especially if you have a family or people who depend on you and your income. Life insurance can help pay for funeral costs, make sure the mortgage is paid, debts are paid off or the kids have money for college after you’re gone.

Even if you don’t have a spouse or kids having life insurance can help your surviving family members pay for the expenses you leave behind should you pass away. Especially if you will be leaving behind debt like student loans, credits cards or a mortgage.

As you get older the price of life insurance increases. It’s better to get it when you’re young and healthy so you can lock in a good rate.


Where to get life insurance

In this modern age of technology there are now many ways you can get your life insurance
  • Through your auto or home insurance provider
  • Online from places like policygenius.com or Intelliquote
  • From your bank or financial institution
  • Your financial planner which is the route I took

The benefits of having life insurance | arelaxedgal.com

How much life insurance to get

How much life insurance you need can be based on several different factors. Such as
  • The number of dependents you have
  • What the money may be used for
  • Your current income
  • The amount of your current debts
  • If you plan to change your marital status in the near future

And that’s not an exhaustive list. As you can see there are multiple factors that can be used to determine the amount of life insurance you need. This may not make it easy for you to figure out how you need on your own.

Options you have are talking to an insurance agent or your financial planner for some advice. There are also online tools like this one from State Farm that can give you an idea of how much life insurance you may need.

Do you have a life insurance policy? If not, what's been holding you back from getting one?

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2 comments:

  1. For my wife and me it's not about kids since we don't have any, but more so about protecting each other in case of tragedy. You never know how you will react to an unexpected death of a loved one and it may have a dramatic impact on your ability to work and, in turn, your short- and long-term income.

    ReplyDelete
    Replies
    1. So true. You don't know how you will react. Thanks for sharing!

      Delete

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