Deciding when you need to buy life insurance doesn’t need to be a hard decision, but it doesn’t necessarily come down to a specific age. There are some key reasons and life changes that indicate when you need to buy life insurance. Here they are.
- You Have a Mortgage
- You Have Kids
- You are Taking Care of Your Parents
- You Are in Debt
If you died unexpectedly, do you know who would pay your mortgage? If you’re married it is probably your spouse. If your spouse doesn’t make enough money to pay the mortgage by themselves, then you need to buy life insurance. A life insurance policy that covers the cost of your mortgage will take away your worry of leaving your spouse with expenses they can’t pay.
A child is completely reliable on their parents’ income. If your spouse stays home with the kids, then there would be no income coming in if you were to die. A life insurance policy can give your family enough to survive on and provide your kids with money for college.
You may be taking care of your parents in their old age, making them rely on your income. How would they pay for a caretaker if you were to die unexpectedly? A life insurance policy can give them enough to get a caretaker or be put into a nursing home.
Even if you know one relies on your income, you may still need to buy life insurance if you have debt. Perhaps you are a student with student loans. Do you know what will happen to your loans if you die? Some loans go to your parents. If you don’t want to leave your parents with your debt, a life insurance policy can cover that debt.
Not sure how much life insurance you need?
At LifePlan Financial, we pride ourselves on our quality work, our honesty to our clients, and the reliability we provide. Getting life insurance doesn’t have to be a hassle when you use LifePlan Financial. Contact us today for any questions or get an instant term life insurance quote to get started.