Life insurance is one of the many pieces of the life puzzle which we either forget or don’t consider the need of. Yes, you don’t really need life insurance at a young age and when you have no income.
The purpose of the life insurance is to replace your income and help those who depend on it if you die unexpectedly. Those that have kids, a spouse, or even a parent, and want to have them protected, then life insurance is a must.
If you don’t already have life insurance, here are top 3 aspects that will make you understand the importance of it.
Your family
If you have someone depending on you and your income to fulfil all the costs from month to month, then you should probably already have life insurance. The insurance provides funds when the main source of income is not there anymore.
If you’re planning on starting a family, it’s a good idea to get life insurance before there’s a baby on the way. Life insurance is cheaper for younger, healthy people. The more you wait, the more expensive it will be.
The unexpected can happen and parents almost always need life insurance. It is the best way to make sure that your loved ones are covered and can access that money if needed.
You have a spouse or partner
Usually, couples plan their financial expenses together. Whether it’s a mortgage, car loan, everyday living, or retirement expenses that are covered with two incomes, life insurance is a must.
With or without children, life insurance can protect your spouse from extra costs or falling into debt even if they have their own income.
You earn income
There are some scenarios where families have enough liquid assets to support themselves without life insurance. If I had $10 million saved in my bank account, I probably wouldn’t consider life insurance.
While the large amount of money saved is one of the scenarios where life insurance is not necessary, it’s not something very common. For someone living paycheque to paycheque, income is still a consideration in how much life insurance to get. The more you can afford, the more life insurance you should have.
The average cost per month for life insurance is about $44.00 and it’s an affordable way to make sure that your family is covered.
We help individuals and families stay protected from the unexpected.
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