One of the most common questions we get is, “when should I get my Term Life Insurance policy?” The answer is right now. Not only are you not sure of when you may pass, but you also may not know what sort of financial situation you will leave your family in when you pass. What burdens will you leave your family with if you were to pass unexpectedly?
A perfect example of this is this years Life Insurance Awareness Months spokesperson, Buddy Valastro (also known as The Cake Boss). Here is the story of how life insurance affected Buddys life (http://www.lifehappens.org/cakeboss/):
“As a boy, Buddy Valastros dream was to work alongside his father in the family bakery to help make it a household name. But that dream was blown off course on his 17th birthday. Thats the day his father, 54, was diagnosed with lung cancer. He died just three weeks later. Buddy lost his best friend and mentor. And his family lost its breadwinner. Buddy had to drop out of high school to run the family business. That meant 12- to 18-hour workdays, six days a week and overseeing 30 employees. It was a huge amount of pressure, says Buddy. And there were many days I didnt think I could pull it off. Buddys situation was made more challenging by the fact that his father didnt have life insurance. If there had been life insurance, I know things would have been a lot easier. I could have hired more people, worried less and had time to grieve, says Buddy.
If Buddys father had gotten term life insurance when he was healthy and had not needed life insurance, life may have been very different for the Valastros. This is just one example of how life insurance, or a lack there of, can affect a family after a passing. While things may be working well for Buddy, not every family will be so lucky. Getting life insurance now, when it is not needed, will ensure that your family is taken care of when it is needed.
Like any major purchase or decision, it is best to compare your options. Different term life insurance companies offer different rates based on different risks, age and a variety of other factors. Comparing your options will help ensure that you get the lowest premiums for the most amount of coverage possible. Its instances like this that using an independent insurance agency, like SelectQuote, which will help compare companies, policies and rates for you, is a smart decision.