subject: Why and When Having a Life Insurance Plan is Most Essential [print this page] Why and When Having a Life Insurance Plan is Most Essential
If you are single and living on your own, you usually don't have a care on the planet. Why would you want to put aside money that will merely be of good use while you're dead? In a case such as this, life insurance may not seem like a necessity. The one thing it'll really help for is the paying of your burial.
However, the situation changes completely if you are young, single and living on your own, but has a mortgage. A mortgage is an handed down debt. Let's assume you never wed or die young. Your house will likely then be inherited by your parents or any close family. However, you are not just leaving them your property; you're also leaving them with the obligation to pay for the mortgage loan: a sudden, unpredicted expenditure like this can ruin someone financially. The only rational thing they would be able to do in times such as this is to sell the property and settle the home loan with that money. Should you have a life insurance policy, it can be used to pay off the home loan to make life a little less complicated for your beneficiaries.
In the case that you're married, without kids, living alone in a home, you would undoubtedly need life insurance. When you pass away, your significant other will likely not have the ability to maintain every one of the expenses you made jointly: the insurance money paid could help them and may either be paid out in an one time payment, or a part of it can be paid out monthly. If something similar to this would take place, your partner wouldn't be left with a financial lurch.
If you're married and also have children, you, undoubtedly, need life insurance. In times like this, you can't take a chance with the future of your wife or husband or your kids. If you are the sole provider of the family, they will most likely enter financial ruin upon your untimely death, assuming that you didn't have a life insurance policy in place. Your family is dependant on you, and not having an insurance policy will affect them in many ways.
You'd need life insurance even when only thinking about starting a family. Couples often take out life insurance policies together when they wish to start a family: it is best to start as soon as possible. The earlier you start, the more money will be left to your spouse and children in case of your death, leaving them cared for.
Obtaining a life insurance policy isn't an easy decision, however it is important. Losing a loved one is a very difficult time, and it becomes worse once you discover that they didn't leave anything behind that will help you carry on or get back on your feet. So make sure that the ones you love are looked after in the sad event of your death. Investigate the different policies available, think carefully and make the right decision.
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