Most people have a lot of questions regarding life insurance. However, the question asked most often – probably because it’s the most important one – is this: who really is in need of life insurance?
In truth, everyone could benefit from having a life insurance policy. The upsides of having such protection in place can help out individuals, no matter how many members of their family they provide for, or any other personal variables.
Do you have children?
This will always be the primary reason that individuals take out life insurance policies: if you’re raising children, then you need to know they’ll be taken care of, no matter what the future may bring. For that reason – whether you’re a working or stay-at-home parent, because life insurance policies can effectively and supportively cover parents in both positions – life insurance policies are absolutely essential for all parents.
Is it a financially viable decision at this time?
Many people think that you don’t have much use for a life insurance policy when you’re in your 20s, or perhaps even your 30s. We disagree. In fact, there may even be a financial upside to getting a life insurance policy in your younger years.
As we all know, the cost of life insurance quotes is based upon a constantly evolving set of personal variables. When you’re at a young age, you’re healthier – and that helps to bring life insurance costs down significantly. So locking in a low cost at a young age is logical, and financially beneficial. That’s one reason – of many – to consider obtaining a life insurance policy on your own behalf, no matter what age you are.
Worried about college costs?
This one goes two ways: first off, if you’re a parent saving for your children’s college fund, you’re going to want to be able to protect the money in that fund – and ensure that it will accrue enough so that it can be put to good use. In this way, a life insurance policy can surely help. You’ll be able to rest easy knowing that, no matter the means, that fund will get to a point where it can provide for your child.
A life insurance policy, alternatively, can also protect you against negative ramifications caused by your own college debt. As many of us know, student debt is piling up for individuals in the U.S. more quickly than ever – and nobody wants to think about the possibility of the burden of that debt falling to their parents or another loved one. You can protect against that happening by taking out a life insurance policy that would cover the cost of your debt – and prevent your loved ones from being burdened with such troubles, should it ever fall to them.
Will you be financially responsible for your parents or other family members?
Finally, even if you’re not a parent, you may want to consider whether you have family members – such as parents or siblings – who would be financially troubled without your support. For the same reason that people take out life insurance policies so they can rest easy knowing their sons and/or daughters will be cared for, some individuals like or need to take out life insurance policies so that their fathers and/or mothers will be financially protected, regardless of any future events.
All of the above-listed reasons are surely convincing enough in regards to the need for life insurance. But in truth, it offers something valuable, independent of any specific financial need: life insurance can offer peace of mind.