Getting Your Life Insurance
"I do not need life insurance." We have heard many people talk about this very subject and make this statement
, but is it true?There may be some single individuals out there who think that they do not need any life insurance, but there are some exceptions that you may not be aware of. Even if you are just renting out a home by yourself, there are some things to consider before you pass on it.
First, do you have any debt that you are carrying? Any student loans, outstanding credit card bills, or home loans?
If you were to die, you would not want to pass off this debt to surviving family members. Would you want to inherit your child's debt if they were to pass away before you?
Second, do you provide any financial support to your parents or siblings? Do you live at home with your family and help pay rent?
As your parents age, they may expect you to help a little bit with their home payments if you reside at their house. Whether or not they need that money will depend on your own individual situation.
Third, do you have a personal business that you would like to protect? If you own your own business, it would be a good idea to check into getting life insurance so that remaining business owners have the funds to buy the company interests of the deceased owner.
Fourth, even though you may be living the single life now, you should consider the thought of marriage and children one day. Do you want to marry eventually and have kids or is that not ever going to be in your life plans?
Qualifying for coverage when you are young, healthy, and single is going to be a lot easier than when you are older with any health problems. Planning for the future by locking in lower rates now will pay off in the end.
If you can fit the premiums into your budget now, it will eliminate the worry of qualifying when you are older and need life insurance. Plus, you never know when that special person will come around and change your whole lifestyle.
Now, if you already do have a family and are the sole provider for them, make sure you get some kind of coverage. Your spouse and children will have to make a lot of changes if you were to pass away earlier than them.
Do not leave them on their own without any means to take care of themselves. There is some kind of policy out there that you can afford that will help your immediate family out for a while.
Check out the company that you work for and see what kind of life insurance policies they offer. There are also private insurance companies that would be willing to cover you if you qualify.
You may have had life insurance before and do not feel any need to continue it. You are all taken care of in your later years right?
Take a minute to think about your present situation and future situations. Will the mortgage be paid off in a few years?
Are your children all grown and graduated from college already? Will your spouse outlive you?
What happens if social security and retirement does not work out? What if you drain all your savings before you die?
These are questions to ask yourself before you decide you no longer need coverage. You never know what can happen and it makes sense to plan for the worst.
If you plan out your life and possible paths that it could take, it will help you figure out what exactly you need to do to prepare for it. Your future spouse and children, aging parents, and any other family members will appreciate everything you do to help take care of them if something unexpected were to happen to you.
Hopefully the worst case scenario will never happen, but keep in mind that it is always a possibility and something that you will want a backup plan for just in case. Then you will be able to leave this life knowing that those who depend on you will be taken care of.
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