Do You Think You Don’t Need Term Life Insurance?
Do you think you don’t need term life insurance coverage? Think again. Many seem to think that life insurance isn’t something they need. Most people, even with individuals dependent on them, should consider life insurance. This doesn’t mean you need an expensive permanent life insurance policy, however. A term life insurance policy can be taken out with your nephew, niece, brother, sister or even your parents as the beneficiary.
Term Life Insurance and Your Job
Many people think that they have life insurance through their job, because they get health and dental coverage. People tend to lump insurance into giant categories. Health insurance and dental insurance are separate types of coverage – they do not include life insurance. If your workplace does offer a life insurance policy, this may not be the best way to go. Finding your own separate term life insurance policy may give you the best deal and cost you the least amount of money. While many people find it convenient to go through their work for all of their benefits and coverage, this is simply not always the case. Not to mention the large majority of companies do not offer benefits like term life insurance. Sure, there may be times when enrolling in your employer’s life insurance program can be a perfect match. What if you lose that job? People change jobs, especially early in their professional career. Relying on a job for life insurance can be risky, as you may need to switch your insurance coverage because of a job change or firing. Even if you stick with that job, having a life insurance plan that is the same as others means that the company is not taking you as an individual into consideration. You could easily be paying way more than necessary simply because you’ve gone with the convenience of a work plan.
Term Life Insurance and Singles
If you are single, and feel that you do not need life insurance, you may be wrong. You do not need a large amount of term life insurance. If you happen to pass away, the costs of your death and debts still exist. If you do not have a family (by means of wife and children who often pick up the debt if you don’t have a term life insurance policy), the burden often falls on parents and other family members. Having life insurance can help make sure your family is not burdened with of your debts. While this isn’t a common case, it still happens, and could happen to you. It is important to ensure that you are covered considering any situation.
Other Instances Where Term Life Insurance Could be Helpful
There are others who may need term life insurance but may feel as if they do not. Those who are married but have no children still need life insurance. While this may seem obvious, others do not understand this. If you pass away, the costs of your debts may go to your spouse and without life insurance; they are left to pay this entire cost on their own. The debt accrued by two people can easily be too hard for a single person to pay. But having term life insurance assures that they are not left alone with the costs and debts. Those who are retired, and feel their spouse can handle the costs in the even of a death, may also need term life insurance. Making sure that you are insured can help your spouse when you pass away, and may not put a burden on them or dampen their last years.
Life insurance is not something that is only needed by people with large families, in the middle of their lives. Term life insurance is something that everyone should consider and it is more beneficial in the long term if you take it seriously in the short term.