So, you are finally considering purchasing a life insurance policy, but you’re not sure if the investment is worth it. You’re young and healthy with plenty of years ahead of you, and you’re wondering: “Do I need life insurance?” This is a common concern most of us grapple with and for good reason; facing your own mortality is never easy.
But what if you re-framed the way you look at it? The fact that you will one day die does not make life insurance a necessity– but the fact that your loved ones will continue to live on does. With that in mind, our insurance experts at Lifetime are here to break down some important reasons why a life insurance policy is worth the investment.
1. Protection for Your Mortgage
Of the many considerations you may face when deciding if you need life insurance, your largest assets should be at the forefront. In many ways, your largest asset may be your home, for the memories and financial responsibility it holds. Now, ask yourself this: If you passed away tomorrow, how large of an outstanding mortgage debt would your family be left with? With the proper life insurance policy, your family will inherit the memories you leave behind, rather than outstanding debt.
Why Choose a Term Policy?
If mortgage protection is a prominent concern, exploring a term policy may be a good place to start. Just select an amount that matches your mortgage and a term that matches the length of your mortgage payment period.
2. Protection for Your Golden Years
Another reason you may need life insurance is the protection it provides for your retirement years. Picture it: you’ve lived a full, busy life with your significant other. Amid career changes, multiple moves, and building a family, you’ve always managed to invest some savings into your retirement nest egg. But what if life threw an unexpected wrench in your plans and you lost your loved one and half of your retirement income before you could enjoy this new season of life together?
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Some Retirement “What Ifs”
If you and your significant other planned for a future based on two incomes and you’re unexpectedly left with one, how will this impact your standard of living? What if you or your significant other require long-term care? If you may be facing these problems down the road, why not prepare for them now?
3. Protection for Your Children’s Education
Although we’ve primarily been focusing on the “what-ifs” that may arise at the end of life, there are present matters to consider. If you have kids, you need life insurance for many reasons. Believe it or not, your life insurance policy can help fund your kids’ tuition, if you pass away before they are of college age. With a term or permanent life insurance policy, your death benefit can be invested and grown into a significant amount for tuition by the time your kids are college-bound.
Why Choose a Permanent Plan?
In essence, you get what you pay for when it comes to your life insurance policy. Although a permanent policy is more costly, it offers life-long coverage and even accrues cash value over time.
4. Protection for Final Expenses
Finally, we are left to confront the most difficult reality: paying for the final arrangements after your passing. While this is probably the most unpleasant part to consider when deciding if you need life insurance, it cannot be overlooked. Consider this: as it stands now, would your loved ones have the financial resources they would need to honor your life and properly grieve your passing?
Some Last Loose-Ends
In addition to making sure you don’t leave behind long-term debt or a wrinkle in your retirement plans, your life insurance can help relieve your loved ones of the financial burden of your funeral, burial, and medical expenses.
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There’s No Time Like the Present
Remember the old adage, “Life is what happens to us while we are making other plans.” This expression rings true for most of us who have faced life events we weren’t prepared for. Although you may not even be close to your final chapter, taking on an “out of sight, out of mind” mentality won’t protect the life you’re building or the loved ones you’re building it with. While you can’t predict the future, the right life insurance can provide a softer place to land when life surprises you with a curve ball.
So, I Do Need Life Insurance – What Now?
Congratulations! You’ve cleared the first hurdle of accepting that you need life insurance. So, all that’s left to do now is pick a policy, right? Unfortunately, it’s not that simple – but that’s why Lifetime insurance experts are here. As an independent agency, we build the best custom plans because we build relationships first. With access to multiple providers, we can help you shop the best prices for the most comprehensive coverage. If you’re ready to start planning your life insurance policy, give us a call at (972) 771-2622, or visit our site.
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