You've probably seen commercials on television advertising life insurance. Chances are, these commercials involved older or elderly people discussing its importance. While it's certainly crucial for elderly people to have some form of life insurance, they aren't the only ones to consider it. Even if you are younger and have many more decades to live, there are several reasons why you should get life insurance now instead of later. If you want to be a responsible adult and do everything you can to protect your family, it's something you should definitely consider.
There Are No Guarantees
Unfortunately, none of us know when we are going to die. Most of us will live a long life and hopefully die peacefully in our sleep at an old age. However, you know not everyone is so lucky. Illnesses, accidents, and other tragic events happen every day that cause deaths of people who are way too young. No matter how careful you are, there's just no way to know you won't be one of those people. While the chances that you will die young may be slim, it's better to be safe than sorry. Having life insurance will help those who are closest to you from having to go into debt paying for your funeral and burial expenses, not to mention the other costs that may be associated with your death, such as medical bills. It's a morbid subject and not always easy to talk about, but you should at least consider the possibility.
You May Not Have Enough Coverage
Perhaps your employer offers life insurance through your job. Many people take advantage of this opportunity. The amount an employer provides can vary widely, from $10,000 to a couple years' worth of your salary. Unfortunately, this is not enough for most situations. This is especially true if you have others that depend on you. Perhaps you are married with children and your spouse stays home and does not bring in any money. Maybe the both of you work, but you cannot live off one salary alone. Consider all the things your husband or wife will still be responsible for if you pass away:
- Mortgage
- Car payments
- Food
- Utilities
- Paying off debt
It's amazing how fast money disappears with all the bills most people have to pay. For this reason, you should be as safe as possible and make sure you get enough coverage to help your family live comfortably if something were to happen to you.
Lower Rates
When you are younger, your life insurance rates are often lower. That's because there is a much smaller risk of you dying than someone who is 90. If you wait until you are older to obtain life insurance, you will likely pay more money. If you can lock in a rate now, that will benefit you in the long run. You'd be surprised how quickly the prices of a premium will multiply as a person gets older. Other factors such as your gender and health may play a role, but these won't make as significant of a difference as your age.
Debt Responsibility
When you pass away, your family members may be responsible for some of your debt. While some things such as federal debts may be forgiven (though you should always check to make sure), there are some lenders that will require their money no matter what happens. This is especially true if it is a private lender. Your life insurance can help pay off your debts that you may have, lightening the load on your survivors.
As you can see, life insurance is something you should look at. It doesn't cost too much if you sign up when you are younger, and it could make a huge difference in your loved ones' lives if you were to pass away unexpectedly.
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