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You may have found yourself wondering, “Do I need life insurance?” The answer for most is yes. We can help you sift through the options and compare different coverage and rates in just minutes.
Who needs life insurance?
Life insurance benefits people from all different circumstances and life stages. Purchasing a life insurance policy helps guarantee a financial safety net for your family and loved ones. However, the process of shopping and applying for life insurance can seem overwhelming, and it may be difficult to know where to start. Whether it’s not knowing what type of policy is right for you—such as term life insurance, permanent life insurance, or no exam life insurance—or you have other questions about rates or coverage, we’ll simplify the process and help you find the right fit for your needs.
Why do I need life insurance?
If your loved ones rely on your income and would be left with unexpected bills and expenses if you were to pass away, then you should be considering life insurance. Some common milestones that may prompt people to seek life insurance coverage include:
- Getting married
- Buying a home
- Starting a family
- Starting a business
Life insurance should be a fundamental aspect of your financial planning. The more people who depend on you and your financial support, the more important life insurance is. In the event of your passing, your life insurance payout can replace your income, helping your dependents cover expenses and continue to plan for the future.Whether it’s daily expenses, paying off the mortgage or other debts, paying for college, or planning for retirement, your life insurance policy provides financial security and peace of mind.
When should I get life insurance?
While there’s no wrong time to get life insurance, it will only become more expensive as you get older. Purchasing a policy when you’re young and healthy can help you lock in favorable rates. It can also make sure your loved ones are protected through the many different phases of your adult life.
Who needs life insurance the least?
Though almost everyone can benefit from having life insurance, there are a few cases where people may not need as much coverage as those listed above.
- Single with No Dependents: If you’re young and single with no one depending on your income, you might not need substantial life insurance coverage yet. It’s important, however, to consider those who might need help covering any end-of-life expenses or outstanding debts, such as school loans or credit card payments. We can help you weigh out your life insurance options to make sure you have the right amount of coverage for your needs.
- Children and College Students: Because children don’t typically provide an income to their families, there might not be a need to buy a life insurance policy for your kids. The same goes for the majority of college students unless they are helping support the family financially.
- Retirees and Almost-Retirees: If you haven’t yet bought a traditional life insurance policy by the point where you’re approaching retirement, your premiums may be significantly higher than if you purchased a policy when you were younger. You might, however, benefit from no medical exam insurance or final expense insurance.
What happens if you die without life insurance?
If you were to pass away without having life insurance, anyone who relies on your income would be left without a way to cover your final expense costs, as well as any day-to-day expenses and long-term financial obligations like debt repayment. While it can feel uncomfortable to consider the worst-case scenario, planning to purchase a life insurance policy is one of the best ways to provide your family with peace of mind and protection.
Having life insurance will help ensure your loved ones don’t have to navigate financial burdens during a painful time. Life insurance is one of the greatest gifts you can give your family, and SelectQuote can help you figure out the amount and type of coverage that’s right for your circumstances.
Still have questions? We’re here to help:
Let SelectQuote Help With Your Insurance Needs
Finding the right life insurance can seem confusing, but at SelectQuote, we make it easy. Our licensed insurance agents will take the time to learn about your specific needs, and then quickly compare a variety of coverage details and rates from trusted insurance companies. We have nearly 40 years of experience helping people like you make decisions about life insurance, so let us help you get started today.
We do the shopping. You do the saving.
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