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These expenses could get into the hundreds of thousands of dollars if any of the drivers or passengers are hurt in the accident.
Would you be able to pay for this out of your savings?
Would you have to dip into your retirement?
Would you be financially stable afterwards?
The same goes for your home. Without home insurance, if a natural disaster strikes and your home is demolished, you’d have no home but still be on the hook for the mortgage. This could devastate your household’s finances and leave you homeless, unable to afford to live anywhere while paying off the mortgage to your destroyed, uninhabitable home.
Life insurance is the same. Although consumers aren’t required to purchase life insurance like you are home or auto insurance, you can’t purchase it after the fact. That’s when it’ll be too late, and your family will be on their own, dealing with the aftermath of losing a loved one and the financial repercussions.
If you’ve never considered buying life insurance, consider these reasons why you should purchase it now.
The average employer offers coverage that is equal to just one to two times your annual salary. If you have dependents, a nonworking spouse, a mortgage or young children, that won’t be enough. Sufficient life insurance should cover your annual salary by seven to ten times.
Many consumers believe life insurance is too expensive, and that they can’t afford it. However, life insurance premiums are generally less costly than other insurance coverages, and often cheaper than some of your other monthly bills. Depending on your age, health and gender, you could get coverage for less than $50 or $100 per month.
Life insurance isn’t a complicated topic. There are two types of life insurance from which to choose. Permanent life insurance covers you for your entire life. Term life insurance policies, however, have a fixed duration. Monthly premiums tend to be less with term life insurance than permanent coverage, so many people opt for this type of policy.
Don’t wait to buy life insurance, because the cost will go up the longer you put it off. Before the age of 40, the cost of coverage increases just slightly every year. Beyond 40, the price increases are bigger, and then after age 50, they become considerably higher with each passing year.
A life insurance policy will spare your family from dealing with the financial burden of trying to keep up with the mortgage after you pass. In addition, the policy will provide for the family if you’re are the primary breadwinner and you’re no longer around. The money can be used to fund a college education, or provide for the children’s clothing, food and shelter. Replacing a stay-at-home parent’s care is costly too, and life insurance is a great way to ensure the children are well cared for.
If your household loses one of the breadwinners, you will still be required to pay off that person’s debt, such as a student loan from a private lender. Life insurance can help cover these debts and alleviate financial stress.
If there’s one financial decision you make this year that will benefit your entire family, it’s to invest in life insurance. Your work coverage is probably not enough, it’s not as expensive as you think, and the price will continue to go up, the longer you wait. So protect your family and your home with a life insurance policy.
What life insurance benefits are attractive to you?