When to Consider Purchasing Term Life Insurance
Term life insurance is something that many push aside and try to just ignore the need for coverage. The idea of needing term life insurance can be a sensitive subject at best. It’s true that there are times when certain individuals do not need life insurance. There are times, and reasons, however, when it becomes imperative to look into purchasing term life insurance.
Marriage and Term Life Insurance
If you’ve been lucky enough to recently tie the knot, congratulations! While it’s understandable to get caught up on the moment, this is a very important time to consider term life insurance. You debt load will likely increase somewhat not that your married not to mention that each of you are dependent upon each other financially. Having a term life insurance policy can help to cover those debts and expenses so they are not passing an extra burden onto your significant other.
Some people tend to think that only one spouse needs life insurance, this is untrue, however. Both husband and wife should have term life insurance. If an accident occurs, and someone does not have life insurance, the other may be burdened with significant debt and money obligations that a life insurance policy would otherwise take care of.
Starting a Family
If you’ve started a family and expecting a child then this is the time to look into life insurance. With multiple family members who may be relying on you and your income, term life insurance is necessary to assure that debts and general expenses will be covered just in case something happens. You need to think about your mortgage. You need to think about the cost of college for your children. You want to be able to take care of these things or at and this is what term life insurance allows you to do. Also, the more children you have, the higher your insurance coverage should be. You want to be able to cover as much as possible with your life insurance policy. Having more children is a time to look at your current life insurance plan and discuss whether or not changes need to happen to make sure everything can be taken care of.
If You’re Single
If you’ve been unfortunate enough to be widowed or divorced, this is a time to reevaluate term life insurance policy. It’s usually hard to think of something like this when you’re dealing with such an emotional time, but it really is something that should be considered. Considering life insurance (if you do not have it yet) is never a bad thing, even if you are on your own. If you already have life insurance, these events change the dynamic of your needs surrounding term life insurance. You may not be able to pay as much, or you my not need as much coverage as you are offered with your current plan. Looking at what you have and revamping your coverage to fit what you find may be able to save you money.
It’s hard to consider term life insurance in any of these situations. While you may be feeling times of incredible joy or times of sadness but looking out for yourself and your loved ones is always important. Knowing what they need, and what you’re looking for, can really help you to be sure that you can provide support in the case of an accident.