Why Buy Individual Life Insurance?

By November 23, 2016Insurance
estate planning life insurance

You feel great, you have everything going for you…family, house, health, and a career.  Some of the most common questions people ask themselves are, “why should I buy life insurance now? Can it just wait?” You may even have life insurance at your job, which is good, but it’s not good enough. Life insurance at your job is obviously only good as long as you’re at your job. What happens if your job leaves you or you leave your job? Not to mention you could be paying three times as much with employer based life insurance and not even realize it. This article outlines why people put off buying an individual life insurance policy and why they should stop putting it off today.

Imagine if you died yesterday, ask yourself what would happen to your family today and the days ahead. You wouldn’t want them to worry about finances; whether or not they’ll have enough money to pay for your funeral, let alone whether or not they’ll still be able to live in their home.

Anyone who has financial commitments, responsibilities, and has family dependent on them, should be confident about the life insurance coverage they have. People don’t plan to fail, they simply fail to plan. If you’ve fallen short of planning, I have great news for you! We can get started on a plan that you’ll feel good about today.

Not having adequate life insurance could be one of the worst things you ever do for your loved ones. If you’re married and/or have children, your family depends on your income, if anything were to happen to you, your income will vanish. Not having the income they’re use to can cause a negative impact in their financial future.

In any event, no one wants to think about their own demise, however, it is important to be prepared for it. The average cost of a funeral in America is $10,000; and it’s increasing yearly. Who just has this kind of money sitting around waiting to pay for a funeral? A sudden death is a sad and difficult time for any family. The last thing you want is for your family to have worry about paying for a halfway decent funeral.

As a matter of fact, it doesn’t really matter if we have a family to care for or not – if we have any kind of current financial commitments then we need to think about what would happen to them if we were to die out of the blue. And, you have to remember that it doesn’t matter how healthy you think you are – you could die in a car accident or get run over by a bus or a train tomorrow!

What one must consider here is what would happen to your financial commitments if one were to die unexpectedly. A lot of people don’t realize that the money they owe on stuff like loans and mortgages doesn’t necessarily dissolve or pay for themselves after their death – somebody will have to take responsibility for its repayment. And, in the simplest of terms you have to think about who would have to pay for your funeral costs.

Life insurance may be worth thinking about at this stage – it is essential, however, if you have a family to add to the equation. If you have a partner and/or kids then think about how they would cope financially if you did die and your salary died with you. This isn’t just about managing stuff like the mortgage – it’s also all about working out how they would pay for life’s necessities never mind life’s luxuries. If you protect them with a life insurance policy then they could at least cope financially during what would be a very difficult time for them.

The key thing to remember with life insurance is that it doesn’t have to cost an arm and a leg. Life insurance policies nowadays can be taken out at minimal cost – you really could be paying just a couple of dollars a week to get the right levels of protection. To make things easier, most industry experts recommend that you shop around for the best quote; rates are competitive at the moment. This is easily done – there are loads of web sites out there that can help you sift through competitive quotes so you can find the cheapest policies in just a matter of minutes. This is a great way of getting the life insurance coverage you need without spending too much time or money in the process.

All in all, life insurance is a small price to pay for peace of mind. And you can’t put a price on peace of mind. We have made shopping for life insurance fun and easy, simply give us a call, send us a chat, or email us to start the process of your peace of mind today.

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    Jake Lynn is the owner of TailoredQuotes.com. He’s an independent agent who has helped thousands of people purchase life & health insurance online and over the phone

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