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Have you ever asked yourself whether or not you need life insurance? If you’re like most people there’s a simple way to answer that question. If someone will suffer financially when you die, then you need like insurance. Regardless of your stage in life, owning a life insurance policy is the most important financial decision you’ll ever make. Unfortunately, many families make the mistake of saying things like, “well I only bring a little money to the family…” or “they’re better off without me…” As a result, many families suffer financially because of life insurance ignorance. Let’s talk about some of the mistakes people make when answering the question of needing life insurance.
I only need life insurance for burial
While it is true that life insurance is important for final expenses. Have you ever considered the problems your family would experience without your contributions? Regardless of whether you’re a housewife or you bring in a six figure income, the burial only approach fails to address other issues. Consider the following scenario:
A married couple with a husband that makes a generous income decides to buy life insurance should he die prematurely. Hey purchases 10 times his annual income of $100,000 per year in a 20 year term policy. For his wife, he decides to get a burial policy only. As he feels like he can still bring in money if his wife to die. As for him, his 1 million life insurance will replace his income to help maintain the family’s standard of living.
While it may sound as if this is a sound approach, the husband and wife failed to consider the value of the wife’s household contributions. While she does not bring money into the household, her premature death would prevent the husband from spending time working and making money. Losing a non-working spouse could mean that the kids now need the other parent to pickup the slack. So, who picks the kids up after band practice, the soccer game; who cooks dinner? These are all reasons for purchasing more life insurance.
I’m young and single, why do I need life insurance?
If you’re young and single, that’s a better time than ever to purchase life insurance. While life insurance is more than just final expenses, purchasing life insurance at an early age means you pay less than those that wait until later in life. Also, purchasing the right policy at an early agent could guaranty your insurability for the rest of your life.
Another factor for the young and invincible to consider is that purchasing life insurance early could guaranty that you retire wealthy. The right universal life policy can be used to take cash values and make purchases and gain interest for various life events. Has anyone ever told you that you can take the cash out of the right policy and purchase a home, a car, fund college, or retire with tax free income? The right policy can do all of that and even more. Purchasing life insurance at a young age or purchasing life insurance for kids can go a long way guaranteeing that you meet your long-term financial goals.
Get Life Insurance Today
Regardless of whether your’e a small business owner that needs to fund a buy-sell agreement with a partner, a working dad that needs income replacement, or a college student getting started in the world; there’s always a need for life insurance. Regardless if you ultimately need term life, universal life, or whole life, there is a policy and solution to you. The first step is to get started. Contact an agent or get a life insurance quote today. We made it easy.