Things To Pay This Month:
- Student loan payment ✓
- Car insurance ✓
- Car payment ✓
- Mortgage payment ✓
- Homeowner's insurance ✓
- Life insurance ❔
Do you need to add life insurance to your list of monthly payments? Probably. Take a look at some important reasons why you might need life insurance earlier than you thought.
Get a Policy Now, Save Later
For most, the younger you are when you get a life insurance policy, the cheaper it will be. That’s because when you’re young, you’re more likely to be healthier than if you were seeking a policy in your 50s.
There’s another (albeit bleak) reason why you shouldn’t factor your young age into whether or not you should get a policy: People of all ages die. You never know what life situation is lurking around the corner; it’s best to buy a life insurance policy so the people who rely on you will be covered.
I Have Life Insurance Through My Employer -- Isn’t That Enough?
Probably not. Typically, employer-sponsored life insurance goes away if you change employers or become unemployed. This type of coverage also increases as you age and has limits on the amount of coverage you can get.
This doesn’t mean you need to get rid of your employer’s plan; you could also supplement with individual life insurance coverage.
Expecting Change? Be Prepared With a Life Insurance Policy
In life, change is inevitable. But in your 20s or 30s, it’s constant. Getting married typically means your household income has doubled, but it also means your monthly bills have multiplied. What would happen if you or your spouse died? Getting a life insurance policy could protect you against losing your home due to the inevitable loss of income that will occur if your spouse dies.
Life Insurance Protects Your Future Family
Remember that change? Well, now your family is expanding, and the newest member won’t exactly increase your household income. How about protecting your bundle of joy with a life insurance policy?
Buying whole life insurance means your children can have coverage forever, even if they develop a health condition later in life. Better yet, this is a gift you won’t have to worry about your kid breaking (yeah, they will destroy anything and everything they can get their hands on -- but here’s a list of 10 Things To Do Before You Have Kids to prepare yourself).
I’m A Stay-At-Home-Parent -- Do I Need Coverage?
Yep. Sure, you might not collect a paycheck for your efforts, but your contributions have an extraordinary financial value. If something happened to you, your services, which may include child care, elder care, housekeeping, pet sitting, food preparation, transportation (the list goes on, really), would have to be supplemented in some way. A life insurance policy can provide money to pay for these services if something were to happen to you.
Life Insurance Is More Affordable Than You Think
Life insurance is less expensive than you may think, especially when you factor in the financial impact an unexpected circumstance would have on your family.
At Block Insurance, our representatives can answer your questions, help evaluate your needs, make recommendations and provide a variety of options and quotes. Gain peace of mind that you’ve made a sound investment in protecting your loved ones’ financial future. Contact us to request a quote from your local Block Insurance agent today.