Editor’s note: This post was originally published on 9/7/17 and has been updated for accuracy and comprehension.
Nine in 10 Americans agree that life insurance is a necessity.
However, only 60% actually have it.
Are you among this group of people who are in the gap?
You know you need life insurance and the peace of mind it brings, but you haven’t yet pulled the trigger.
You’ve worked hard to provide a solid foundation for your family’s financial future.
Why not protect that investment in the event that something unexpected happens?
It’s pretty simple – if someone depends on you financially, you need to have life insurance.
Let’s take a look at some of the times in which life insurance can make a real difference.
When you’re getting married
Amidst all the planning that goes into a wedding, practical things can be easily overlooked.
If you’re building a life together that is dependent upon two incomes to cover a mortgage, loans, credit card balances, and other living expenses, you need to have adequate life insurance coverage.
Don’t leave your spouse unable to meet financial obligations if something were to happen to you.
When you’re becoming a parent
Nothing changes your life quite like becoming a parent.
It causes even the most ardent “kid-at-heart” to evaluate their situation and take steps to provide a secure future for their growing family.
As hard as the question is to think about, if you were to die next week, would your spouse be able to provide the future that you dream of your children?
It’s also important to remember that life insurance isn’t just for the parent who works outside the home.
Stay-at-home parents need to be covered, as well. There are costs like childcare, transportation, and the management of the household that would now have to be covered.
Don’t forget about the absolute necessity of life insurance if you’re a single parent! If you are all your children have, make sure they’re well-provided for.
When you’re a homeowner
Whether you’re buying your first house or you’ve been a homeowner for a while, you know that this is your most valuable asset.
If something were to happen to you or your spouse, the last thing you’d want is to have to uproot the rest of the family because you could no longer afford your home.
Make sure your family would have the means to go on living the lifestyle to which they’re accustomed if the unexpected happened.
When you make a career change
Starting a new job is the perfect time to reevaluate your life insurance needs.
As you make more money, you spend more and your financial obligations grow.
It’s important to update your life insurance to keep in step with your changing income.
Though many employers offer a life insurance policy, it’s not usually enough for your family to be able to carry on in the way to which they’re used to.
When it’s time to retire
Whether you’re already retired or it’s close on the horizon, you should have a talk with your spouse about your life insurance coverage.
Don’t make the mistake of assuming that your empty nest and paid off mortgage mean you can lower your amount of life insurance.
If you or your spouse were to die suddenly, the remaining partner could live for another 20 years.
Your retirement years aren’t a time either of you would want to be forced to make significant lifestyle changes.
life insurance can make all the difference for widows and widowers.
When you’re single
Wondering why you’d need life insurance if you’re single?
You don’t want the burden of your funeral expenses or any debt that you owe to be passed onto your loved ones.
Peace of mind
All of these different scenarios have one thing in common – they’re times in your life in which you want to have peace of mind.
Getting married, having a child or retiring are all times that highlight your need for the security that life insurance provides.
Work with an expert
The bottom line is that purchasing life insurance can be a confusing experience.
Rather than putting it off because it’s too stressful to think about, consult a pro.
There are a ton of advantages of working with an expert, including the extensive knowledge they have about a variety of policies.
A professional will help you match your needs to a policy that works for you – and your budget.
They also act as an advocate for you when you have questions or issues with billing or claims.
The best part is that your independent insurance professional will be with you for the long-haul.
Contact InsureOne Benefits to discuss how we can help you gain that valuable peace of mind. Our knowledgeable experts can guide you to a plan that’s just right for you.
Do you have adequate coverage to care for your family’s future if something unexpected were to happen?