Why You Need to Buy Life Insurance – And How To Do It

Let me ask you a simple question, do you have life insurance? It’s an easy question, the answer is either yes or no. If the answer is yes the next question is, do you have enough insurance to protect your family? If the answer is no the next question on your mind should be, what’s holding you back from purchasing life insurance?

Many people think they don’t need to buy life insurance because they don’t have kids or don’t have a high net worth. When in fact the truth is those are two good reasons to buy life insurance – to protect your loved ones in case you pass away. Could your family afford to pay for final expenses and pay off your debt if something happens to you? The answer for many people is no. This is why life insurance is an important part of a financial plan.

Some other people think they don’t need to buy life insurance because it’s too expensive and they can’t afford it. That’s another common life insurance myth. The truth is the cost of life insurance can fit into any monthly budget, if you want it to. It’s a smart idea to make room for life insurance in your budget because the real question to ask is can you afford not to have it?

The importance of life insurance

I currently have life insurance through my employer. The amount is equal to the amount of one year’s salary. Since I am completely debt free this amount is more than enough to cover the cost of final expenses and help my husband adjust to life on one income if ever something should happen to me – or vice versa. However now that we are buying a house, I have started to look at life insurance with a whole new light.

Life insurance is a way to help protect your family from financial devastation if something should happen to you. It’s a legacy that you can leave for them once you’ve passed on. My biggest concern is the mental, emotional and financial well-being of my husband. I don’t want him to have to worry about the mortgage on his own because financial obligations don’t stop upon death – money is still owed. Buying life insurance can help eliminate financial stress.

What is term life insurance?

I’ve been researching the different options and how to buy life insurance and I’ve decided that term life insurance is the best financial solution for our needs. A term life insurance policy provides protection over a time-period such as 10, 15, 20, or 30 years.

It only pays out the benefits if death occurs during the term of the policy. I want protection to pay off our mortgage balance is something should happen to me or my husband so we chose a 30-year term life insurance policy because that will also be the term of our mortgage.

Shop around and compare prices to get the best rate

I take my finances very seriously and always look for the best deal. When it comes to buying life insurance this means shopping around and comparing prices. I went to SelectQuote.com to shop for life insurance rates because I am not a big fan of talking on the phone – and the internet is always open so you can get a quote at your own convenience. It only took a few minutes to enter in all my information such as my age, location, gender and the amount of insurance as well as the type of insurance I want to buy.

From there SelectQuote does the rest – that’s right, they do the work for you. If you want to buy life insurance you don’t need to spend hours on the phone calling different providers because SelectQuote are experts in finding the lowest cost life insurance option for your needs. Within a couple of days they will contact you by email with the results and you can make your decision. Buying life insurance was that easy.

Bundle all your insurance products for big savings

Insurance is one of those financial products that you may not always need, but if you have an emergency, accident or unforeseen event you’ll be happy you have it. One way to save on the cost of life insurance is to bundle all of your insurance policies together. Consider having your home, auto and life insurance with the same provider to save big bucks.

Life insurance isn’t a product we can enjoy during our time here on Earth, but it gives us the peace of mind that our family is taken care of after we pass. It ensures we don’t leave our loved ones with a financial burden from final taxes, funeral expenses and outstanding debts.
This article was sponsored by SelectQuote, but all thoughts and opinions are my own.

 

 

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