The Importance of Having Life Insurance Protection

Although most people don’t like to discuss it, life insurance is an important topic. Even if you’re young and healthy, the truth is that an unexpected illness or accident can happen to anyone at anytime – and if it does, wouldn’t it be better to be prepared?

Ask yourself this question – If you lost your job tomorrow, how long would your family be able to survive? Would you be able to remain living in your same home, driving the same car, eating at the same restaurants, and taking part in the same activities – or would some major changes need to take place? Whatever you answered, it is likely that the same would hold true regarding your need for life insurance.

Life Insurance Can Replace Lost Income

One of the biggest benefits of life insurance is that it can replace lost income. Why does this matter? First, because it means that the people who depend on your income won’t need to drastically change their lives – especially at an already difficult time for them.

Imagine if your spouse and kids were forced to move to a less expensive home in an unfamiliar neighborhood, change to different schools, and cut back on food or other necessities because they’ve now suddenly been left without your income.

Having life insurance can help to ensure that those you love can remain in the place that they call home, without having to make major changes in their lives at a time when they’re already experiencing a loss.

Proceeds Can Pay Off Expensive Debts

If the unthinkable were to happen, how much debt would you leave behind for your loved ones to deal with? Do you have a home mortgage? A car loan? High interest credit card balances? If your family was left with these debts and without your income, how much more of a burden would this be for them?

The funds received from a life insurance policy can be used to quickly reduce or eliminate these debts – debts that would likely otherwise take years to erase, taking funds away from your family’s other needs.

What if You Don’t Have Kids?

Even if you don’t have kids,  life insurance is still important. If you have a spouse or significant other who is counting on your income to pay the rent or mortgage, you could be letting them down by not protecting them through life insurance. In fact, without the funds from a insurance policy, it is possible that your partner could end up losing the house that the two of you call home.

Life insurance is also important for single people. Because the cost of an average funeral today runs approximately $10,000, the proceeds from a policy could be used by an individual’s family to pay these expenses, as well as for any other debt that the person may have. Without life insurance, how else would these expenses be paid?

Life Insurance Doesn’t Cost A Lot

Many people believe that life insurance costs too much and that by purchasing a policy they will need to forgo other important expenses. Yet today, the cost of coverage has actually come down, meaning that coverage is highly affordable.

When is the Best Time to Get Life Insurance?

Purchasing life insurance is usually best when you are younger and in good health. This is because you are less apt to have adverse health conditions that could make you uninsurable. In this case, you are seen as less of a risk to the insurance company, and in turn, you are charged less in premium.

By getting life insurance early, you are typically able to lock in your coverage – and your premium amount – for at least a minimum amount of time. This means that even if you become injured or ill in the future, those who are counting on you will have the peace of mind in knowing that you are covered.

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