When to Get Life Insurance
Many people view life insurance as just one extra bill. While it’s an additional cost in the present, it can turn out to be life-saving when you need it. There is no best age to get life insurance. Instead, you should look at which life stage you’re at or the situation you’re in to determine when you should buy life insurance.
Situations When You Should Consider Life Insurance
If you’re considering purchasing life insurance, here are four of the situations that warrant investing in a policy.
If you’re in your 20s, single and don’t have anyone depending on you, life insurance probably isn’t on your radar. However, it’s vital to start looking at life insurance policies when you’re thinking about getting married or having children. Consider getting a life insurance policy if you make more than your partner and would want to provide for them. If you and your partner make the same amount and you each can live comfortably without each other, then life insurance isn’t always necessary.
It is necessary, however, when you want to have a child. If something were to happen to you, your partner would then become responsible for supporting your child. It’s a good idea to take out a life insurance policy when you are simply considering having a child since it only gets more expensive as you age. Parents are another reason to get life insurance. If your aging parents rely on your income in their retirement or for care costs, you should make sure you have life insurance.
2. Protecting Assets
Another reason to get life insurance is if you have assets such as home, cars and debts that could be paid with life insurance. This even counts for millennials with large student loans. If something were to happen to you, your parents could get stuck paying a large loan. Getting life insurance means there is money to cover these assets and debts and protects your family from paying something they can’t afford.
3. Funeral Costs
You may not have any dependents or debts and wonder why you should even consider life insurance. Funeral costs are one reason that people often choose to purchase life insurance. Funerals can cost thousands of dollars, and if you don’t have that money set aside, the burden falls on your family and loved ones. Even young people can take out a small life insurance policy for their funeral costs.
4. Business Partners
Starting a business is a big and exciting venture. We don’t often think about what could happen to that business if a key employee or a business partner’s life isn’t insured. If your business is extremely profitable, protect its health by getting a life insurance policy for your business partner or another integral team member. That way, your company will stay strong, and their legacy will remain.
Contact Capital Gate Insurance
If you’re considering purchasing life insurance, don’t try to figure it out alone. Capital Gate Insurance can help you get the best rate on a life insurance policy that’s perfect for your life stage. Contact us today to learn more.