Life insurance can be a great way to ensure your family and loved ones are financially protected no matter what stage of life you’re near. Here are six reasons you should consider buying life insurance.
You’re Single With No Dependents
If you’re single with no dependents, but provide financial support for aging parents or a sibling with special needs, you may still want to consider purchasing life insurance. You may also want to consider life insurance if you’re carrying debt that you wouldn’t want to pass on to surviving family members.
It’s common to assume you don’t need life insurance until you have kids, but it’s important to ask yourself: if I died tomorrow, would my spouse’s income be enough to pay off any debts as well as cover rent, the mortgage or utilities? It’s better to purchase your life insurance policy sooner rather than later.
You’re Married With Kids
From mortgage payments to daily living expenses, life insurance coverage can help your family meet financial obligations in the case of losing a household income. Many families rely on two incomes to make ends meet, and a life insurance policy can work as an income replacement so that your family can continue to pay for everyday expenses.
You’re Buying a House
If you buy a house, you probably have a mortgage to pay, and a life insurance policy can help cover mortgage payments so your family doesn’t have to move in the event income is lost.
You’re a Business Owner
In addition to everyday expenses, life insurance can also help pay off business debts or fund a buy-sell agreement allowing a business partner to buy out your share if you pass away.
Life insurance with a cash value component, such as permanent life insurance, can provide a supplement source of savings during retirement.
SelectQuote Can Help You Find the Best Life Insurance For You
When shopping for life insurance, it’s important to make sure your policy fits both your lifestyle and budget. In just minutes, we can help you find the right amount of life insurance coverage with the right carrier at the right price for you.