5 Signs It’s Time to Get Life Insurance

There are many reasons to buy a life insurance policy. All of these reasons might apply to you, or maybe just one of them, but no matter what stage of life you are in, a life insurance policy is a helpful and even necessary thing to have. In fact, 59% of people who don’t own life insurance say they need it! If you don’t already have life insurance, here are five signs that it’s time to purchase a policy.

1. You Just Got Married

couple getting married
When you get married, getting life insurance is important to provide your spouse in case of an accident.

Having a partner to go through life with you is a wonderful thing, and because you love them, your instinct is to want to protect them and provide for them. The best way you can do this is by buying a life insurance policy that can not only provide you with a cash value that you can borrow against in times of need, but will also provide financial stability when you pass away. A policy can help replace your income and cover expenses that would fall on your partner if the worst were to happen. 

2. You Just Bought A House

Houses are not cheap, and the mortgage you have to pay for 20+ years can be a huge monthly expense. That means if you were to pass away, it’s possible your family would no longer be able to pay the mortgage, and could end up losing the house you put so much money into and made so many memories in. One way you can prevent this is by having a life insurance policy in place that will continue to help pay the mortgage for years to come: for example, you could choose a term life insurance policy that will cover you for 10, 20, or 30 years. You can even look into riders to add onto your policy that are specific to helping pay your mortgage; these riders can adjust your interest rate and monthly payments on your loan. 

3. You Have People Who Depend On You

Roughly 42% of Americans would face financial hardship within 6 months if the primary wage-earner of their household were to die unexpectedly. If you have older parents, a spouse, children, or any other people who depend on you, they could end up in a serious situation if you could no longer provide for them. With a life insurance policy, you can make sure that they are taken care of in the event that you are no longer around. 

4. You Have Loansloans written in red and enlarged

Do you have those pesky loans and debts that just don’t seem to go away no matter how much you pay into them? Well, any government-issued loans you have will die when you do, but this is not necessarily the case when you take out private loans, or with other debts you might have. Those loans can fall onto your spouse, or even children when you pass away. Having a life insurance policy can help them pay off your debts, leaving them with the rest of the money to spend how they see fit. 

5. You Are Having A Baby

Congratulations! Children are cute, fun… and expensive. They bring a lifetime of joy, but also a lifetime of worry: you will worry about what school they should go to, their sleep routine, how well they’re socializing with other kids, whether they’re eating right – and you’ll also worry about providing a great future for them. You will no longer be able to provide for them when you are gone, but a life insurance policy can help to secure their financial future, as well as help pay for their needs and their college tuition, and even leave them a lump sum if you choose the right life insurance policy.illustration of a man scratching his head while looking at a paper and a red shopping cart above him

Choosing the right life insurance policy is necessary to ensure that your family gets the benefits they need. It might seem complicated and frustrating to find the right one, but it can be done, with some help. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

About The Author:
Cassandra Love

With over a decade of helpful content experience Cassandra has dedicated her career to making sure people have access to relevant, easy to understand, and valuable information. After realizing a huge knowledge gap Cassandra spent years researching and working with health insurance companies to create accessible guides and articles to walk anyone through every aspect of the insurance process.

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