The question as to whether or not you should get life insurance is an intensely personal one, and depends a lot on your particular situation. For most people, there is one question to ask when trying to make the decision about whether or not to get life insurance:
“Will my death leave my loved ones in a financially troublesome place?”
If you can answer “Yes” to this question, you should get life insurance. Life insurance can give you peace of mind and make sure that your loved ones are taken care of if anything should happen to you.
Life Insurance and Children
One of the biggest reasons to get life insurance is to provide for your children in case you pass away. A life insurance policy can provide for your children’s needs. It can help them grow up with all of the advantages that you would want them to have. It can also provide for a college education. This is especially important in a day and age when the cost of higher education is rising, and is expected to continue rising for years to come.
Life insurance can’t bring back your child’s parent, obviously, but it can take some of the sting out of the situation by taking care of their needs when you are gone.
Life Insurance and Your Estate
Another reason to have life insurance is to cover your debt if you pass away. If you have a mortgage, for example, life insurance can provide a way for your spouse and your children to continue to live in your home even after you’re gone.
In addition, life insurance protects your estate from debt. As long as your policy face value is high enough to cover your debt, your family won’t have to worry about having to sell off assets when you die in order to pay those debts.
Low Cost Life Insurance
One of the things that often holds people back is the cost of life insurance. They’re worried that they won’t be able to afford the premiums. While it is true that some forms of life insurance can be rather costly, it doesn’t have to be. Term life insurance policies are meant to be affordable and ideal for the person who wants to provide some security for their family, but can’t afford more expensive whole life insurance.
Term life insurance covers you for a predetermined term. This might be a few years, or it may be as many as thirty years. This type of life insurance covers you during the time when you need it most – before your children are grown and able to provide for their own needs, and while you’re still young and paying on a mortgage. Term life insurance is ideal for people in their middle years, as it gives a relatively inexpensive safety net in the event that something should happen to them.
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