4 reasons to get life insurance
For many people, the thought of purchasing life insurance seems like a waste of money. With all the stresses that we have in life one doesn’t want to think about the possibility of their life ending without warning. Don’t we have enough things to worry about? Isn’t life difficult enough without thinking about what would happen to your family if you were to depart suddenly? Indeed it is, and that is the reason that life insurance can bring you peace of mind. The following are four very good reasons why it is wise to invest in life insurance even if you do not have dependents.
Purchasing life insurance can protect your mortgage
One of the main reasons to purchase life insurance is because it offers mortgage protection. If you have a home and the mortgage is under your name what would happen if you suddenly passed away? Would the person you live with be able to take on the mortgage? Or would they be left homeless and have to deal with the stress of finding a new residence on top of losing you as their partner? Even if you are single and alone think about the responsibility that will be placed on those around you. For example, can your parents pick up your mortgage after you pass away? These are some of the things to think about when denying that life insurance is necessary for your situation.
Fortunately there is a simple option. There is something called term life insurance which you can choose for the duration of your mortgage payment. Say for example you have 10 more years left on your house. You can purchase a term life insurance package that spans the exact time you have left on your mortgage so that you will be covered in case the inexplicable happens.
If you have kids your life insurance can put them through college
When you have kids the scope of your responsibilities change almost entirely. Saving for your children’s college education is a monumental task that can be suddenly derailed if you were to die unexpectedly. However, if you were to purchase life insurance, your death could actually put your children through college. Certainly you would regret passing away before you are able to see your children graduate from high school or enter college, but the tragedy would be exacerbated if you are not able to help them financially to achieve their goals. When you invest in a life insurance policy that future for them is further secured, and you can rest easy knowing that your children’s education will be provided whether or not you are around to see it.
Life insurance can take the place of your income if you pass away
One of the main reasons to purchase life insurance is for your partner or for those around you who you care about. If you are currently living with a partner and the two of you rely on two incomes in order to pay the bills, what would happen if you suddenly died? This is something to consider when first setting out to find life insurance. It is important to know exactly what your partner can and cannot afford if you are not around. Based on this you can purchase a life insurance package that will take care of your partner should you die unexpectedly.
Your life insurance will help pay for those final necessities after your death
One thing many people do not consider are the monumental costs that occur when they pass away. Such things as funeral costs, closing costs on outstanding debts, mortgage costs etc. can add up quickly, and if a life insurance policy is not in place it is usually the partner or the parents of the deceased that have to take the financial blow. It is wise to invest in a life insurance package in order to prevent loved ones from having to take on extraneous costs when you depart.
In summary, life insurance is one of the most important investments you can ever make. It is necessary if you have children, a partner, or even if you live alone. If you have loved ones that care about you then getting life insurance is one of the most important gestures you can make to show them that you are committed to taking care of their financial futures.
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