There is a saying in the life insurance industry: “it’ll never be cheaper than it is today.” And, indeed, with each passing day, the annual premium you can expect to pay will keep going up. Yet many people push off the decision until it’s too late, or they can no longer afford it, under the assumption that “there will always be more time”. The fact is, you never know how much time you have. Here are five reasons you should stop avoiding the inevitable and buy life insurance today.
To pay funeral expenses
In the United States, the average cost of a funeral is between $7,000 and $10,000. That’s a hefty chunk of change. Dealing with the death of a loved one is difficult, and being under financial duress can make it even worse. A life insurance policy will ensure that your loved ones won’t have that one more thing to worry about.
To replace your spouse’s income
The death of a spouse is a very traumatic experience. It can be difficult for the bereaved to handle even the simplest of everyday tasks, let alone work. A life insurance policy will provide your spouse with a safety net so they can take the time to grieve and heal, without having to worry about finances.
To provide for your children
All parents want to provide for their children. But would your spouse be able to do that on their own if you were to pass away suddenly? A life insurance policy will help ensure that your family is always taken care of down the road, no matter what life throws at them.
To pay off debts
Do you have a mortgage or a car payment? Credit card debt that’s in the names both you and your spouse? Large medical bills? If you were to pass, your spouse would get saddled with all of those expenses. Make sure they stay solvent by providing the money to cover any outstanding debt.
To leave a legacy
Many people don’t have a large savings account or money in investments, but that doesn’t mean you can’t leave an inheritance. Life insurance will not only cover final expenses and outstanding debt, but can also provide a nice financial gift for your children, grandchildren, or anyone you love.