Life insurance is something that people think they need down the road. Like when you have a spouse, a home, some kids etc. But the reality is that you need life insurance now, and even more so if you have a family and assets to consider. If you’re wondering life insurance is so important here are a few things to keep in mind.
It’s Cheaper Today than It Will Be Tomorrow – The older you get the more expensive life insurance becomes. Why you ask? Because you’re less of a liability in your younger healthier state than you will be if you’re old and require more medical care of a broken hip and diabetes. When you’re older you will have pre-existing health issues that will cause your insurance to increase, and as your condition changes your coverage will continue to increase. Locking in a policy rate now will decrease the overall cost of your plan in the long run.
Funerals Cost – I realize that you don’t want to think about your life (or others) possibly coming to an end but reality states that it will. And when the time comes you want to have a plan in place to pay for a funeral would be paid for. If you’re thinking, “How much does a funeral cost?” according to the National Funeral Directors Association, a funeral averages around $8, 500. Now you’re probably thinking I’ll go the “…burn-baby-burn” route, but a cremation is around $6,000, cheaper but still pricey. Coffins, urns, programs, flowers etc. aren’t cheap. Without life insurance you can rest assured your family will be footing the bill. So just considered the stress that you could save your family from having a life insurance plan in place.
Don’t Be a Burden – If you’re in the 25-35 age range you probably have a substantial amount of student loan debt. Well know this, in the event of your death, your slate is not wiped clean and your loans don’t just disappear. While some lender have debt forgiveness when death happens, most do not, so check you with your provider now to see how your loans will be covered. The last thing you want to do is pass on personal debt to your friends or family who co-signed any of your loans.
At the end of the day the decision is yours on what policy you choose, but do know that its always better to have some coverage over none at all. If you’re still not convinced that a life insurance policy is for you talk to your HR manager or check out some of the links below.