The 8 Critical Times in Life That You Need Life Insurance The Most

Life insurance is one of the key elements of financial planning that everybody needs to have in place, but sadly a lot of people ignore it because they perceive it to be unnecessary. But that is not the case at all! We all need it, all the time but sometimes are more crucial than others.

Even if you already have a policy in place, there are moments when you might want to add to your coverage in order to ensure complete protection. 

Here are eight critical times in life when we believe your need for life insurance increases:

Getting Married

Newly married couples should buy life insurance to protect their financial future and save money long-term. It guarantees financial support for your spouse if one of you passed away unexpectedly. Many couples start to think about buying a policy when they’re planning to have children.

Having A Child

If you’re planning on adding an additional member to your family soon, it might be the right time to buy or add to your life insurance coverage. A life insurance policy can replace income, help pay off debt, or provide a savings cushion for your dependents if you or your partner die prematurely.

Supporting Aging Parents

According to a 2018 AARP Public Policy Institute report, about 6.2 million millennials and counting are acting as caregivers for a parent, in-law, or grandparent. Getting life insurance with the intention of taking care of your loved ones financially would give you peace of mind knowing that they will be well cared for even if something were to happen to you.

Buying A House

Buying a home means being responsible for a mortgage. Life insurance ensures that if anything happens to you, your spouse or partner will not face financial problems repaying the mortgage. The beauty about life insurance is that it is often purchased in amounts sufficient to cover the loan amount of a mortgage so that if you die, your beneficiaries will have enough money to pay off the balance.

Starting A Business

Life insurance limits are set high enough to cover business debts that your family could be held responsible for when you die. Don’t risk them having to liquidate assets to cover the outstanding debt.

Life insurance could help your business partner in buying your share of the business from your surviving family. It could also protect investors, who may be concerned about their investment should something happen to you.

Taking Out Student Debts

If your loved ones co-signed your private student loans, life insurance means they won’t be left with the debt if you die. Even if they weren’t co-signers, you don’t want the repercussions of having debt left behind to your estate, especially to your family.

When You Take Up A High Risk Job

If you work in a dangerous or high-risk environment, you have a greater chance of dying than someone who sits at a desk all day. Jobs in aviation, construction, firefighting, mining, oil and natural gas, and a few others will almost always result in a higher premium. Life insurance is the risk management you need to ensure your loved ones are left in financial care if anything were to happen to you.

When You Take Up An Extreme Hobby

Similar to having a high-risk job — you’ll pay more to be insured, but the cost is worth it considering the higher probability of something happening to you.

Getting a life insurance quote from CompareFreeQuote will be one of the most important things you do for your family, your peace of mind, and your financial future. Discover a coverage that adapts as your life changes at a price that makes sense — get in touch with us today!