When it is Time to Take Out Life Insurance and Why

For many young people –particularly those who are single, life insurance isn’t necessarily in their list of priorities. This is not surprising seeing as young people who are often in great health have no worries about terminal illnesses,  concerns about children’s college funds, and generally are unconcerned about end of life problems and possibilities.

This is why you will find that many people start actively thinking about life insurance in their late 30s and early 40s. The fact is that you should take out a life insurance policy on yourself, and if possible loved ones, as soon as possible –preferably, today; right now.

You see, no one likes the idea of a sudden demise. And when you’re young, this is often the farthest thing from your mind. But death or terminal illness can come at any time. No one likes it, but it is what it is.

If this happens, how will your dependents or young family cope? Who will foot the bill for your funeral expenses? Will your death put them in a deeper financial mess? These are some of the questions you need to ask yourself and answer.

Life Insurance

Reasons Why You Should Get Life Insurance Now

1. You Got a New Home

Unless you paid full price for your home, you might want to think about the ensuing mortgage. You want to make sure that in case of any eventuality, the mortgage on your home can be paid off and your loved ones don’t get thrown out of the house without a roof over their heads.

2. Married and/or With a Child

Marriage means that you don’t just have yourself to think about. You need to think about your significant other and your children if you have any. Most families depend on the incomes from both parents to keep the home running.

If anything were to happen to you, you want to make sure that that your partner alone doesn’t assume the financial burden of your funeral costs, raising the kids alone, and paying their college tuition.

And if you opt for term life insurance which typically runs for 20-30 years, you can opt for a cash value or payment at the before or at the end of the term and use that for paying off your children’s college education.

3. Aged Parents

Unless your parents are financially comfortable, you probably worry about them. This is particularly common among people whose parents have little or no savings and have no income source. You need to make sure that your parents will be taken care of, if you were to pass on suddenly.

4. Possibility of Terminal Conditions

What’s your family tree like? Is there a history of cancer, heart diseases, diabetes, Alzheimer’s and any other life threatening condition? If yes, now is the time to go get life insurance.

Studies have shown that about 1 in 3 individuals will have cancer in their lifetime. Not just that, with the prevalent poor diet, sedentary lifestyle, and work stress that most people face, there’s the real possibility of developing heart related health problems.

Life insurance can be converted to cover the costs of treating these ailments and provide a source of income if you suffer permanent disability as a result of these ailments.

What Could Stop You from Taking Out Life Insurance Now?

For most people, the single biggest reason is that life insurance is expensive. Yet, the majority only say this because they heard it from somewhere –not because they actually verified it.

A recent survey showed that adults who were 25 years and below thought it would cost $1,000 a year to have a $250k term life insurance for a 30 year old in good health. Older individuals said $400 per annum. Real world estimates showed it would cost just $150 a year –that’s at $12.50 a month (less than the price of three cups of coffee).

The point is that life insurance is affordable. Call Insurance Land today to find out about different options. Don’t let flimsy excuses and misconceptions stop you from securing your future and that of your loved ones. Ask to talk to a life insurance agent today.

About the author

David J. Pyle

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