Life Insurance Awareness Month: Who Needs Life Insurance?

Who needs life insurance? The simple answer is that everyone with family obligations …. mothers, fathers, single men and women will all have different reasons to purchase life insurance.
For the single individual, it may not be necessary quite yet to purchase a large amount of coverage. But, at the very least, having a policy that covers the cost of your passing and any additional debt you may have amassed in your life at that time will help your loved ones from assuming your financial obligations.A newlywed will want life insurance to protect their significant other from financial hardship in the event of their untimely passing. The amount of coverage that will be needed may vary based on the financial commitments the couple has at that time. If they have amassed a large amount of debt, or may be looking into purchasing their first home, coverage may need to increase from the time they were single (individual).
New parents should consider reexamining their term life policies. They may feel the need to increase their coverage amount to help cover the costs of looking after a child or loved one should they pass unexpectedly. Many new parents do not consider how much time and money it costs to make sure a child is properly taken care of in the event that one of the parents passes.
There are plenty of stories of how people at different stages of their life protected their loved ones simply by taking out a life insurance policy. There are also plenty of stories of families left with significant financial burdens because they did not have life insurance.
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. It’s 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.

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