The Jewish holiday of Hanukkah is just around the corner, and in commemoration of the eight days of light, we have eight reasons why everyone should invest in term life insurance. Part one will include the first four: your parents, your significant other, your children, and your peace of mind.
Parents— It may seem hard to believe that you should consider your parents when purchasing term life insurance, but if you are younger or unmarried, your parents are the primary people that will benefit from you having life insurance. As a young person, you may believe that you do not need life insurance. However, if something were to happen to you, your financial burdens would fall to them. While you may not need a large amount of coverage, having enough to cover funeral costs and any outstanding debts you may have can provide a great deal of relief for your parents.
Significant Other— Entering into marriage is an ideal time to reexamine your term life insurance. As your finances become intertwined with your spouses, you will want to consider finding a plan that would cover the costs that you share as a couple. If your spouse relies on your income for support to care for a home or raise a family, investing in the right amount of life insurance can continue to support them. You can also make sure that the financial responsibility of an untimely passing can be covered without falling completely onto your spouse.
Children— Very few people in your life need you like your children. And life will always throw situations at us, leaving us feeling like there is nothing we can do. Investing in life insurance is something you can do to protect your childrens financial futures. Carefully evaluate your current costs as a family to determine the appropriate amount of coverage. You will also want to consider a potential increase in costs as you children grow older, become involved in more extra-curricular activities, and eventually attend college.
Peace of Mind— You work hard every day to do all in your control to provide for the ones you love. While no one wants to dwell on mortality, especially during the holidays, you can celebrate in knowing that you are doing something to protect those special to you. The peace of mind that comes from knowing you are securing your loved ones livelihoods can help you appreciate the moments you have with them right now during this holiday season.
Like any major purchase, you should compare your options when purchasing life insurance. Different policies will have different pros and cons, and will be influenced by different risk factors. By using an independent term life insurance agency, like SelectQuote, you can compare different life insurance companies and policies to find the best policy to fit your budget and lifestyle. Stay tuned for part two for four more reasons to invest in life insurance.