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Insurance

4 Important Reasons You Need Life Insurance Now

By Robert Farrington • May 29, 2019

At The Cult of Money, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners whom we receive compensation from. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

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Have you been putting off life insurance? If so here are four important reasons you need life insurance now.

September is Life Insurance Awareness month and this post is in partnership with TermLifeInsurance.com, which helps spread awareness of the importance of term life insurance. Learn more about how you can protect your family and your finances.

Insurance. It’s one important part of a financial plan that can easily be put off – especially life insurance.

But here’s the thing – if you’re working really hard to get your financial life straightened out, not having insurance could literally erase all of the hard work you’ve done.

If you’ve been putting off applying for life insurance here are four big reasons you need it.

# 1 – You Have Kids

If you have kids there are many reasons to consider getting a life insurance policy:

Regular Financial Needs – The point of getting life insurance is to replace lost income in the event that you or your partner pass away. By getting a life insurance policy you’re guaranteeing that your children will be supported financially even if you aren’t around.

Education – Another thing to consider is your children’s education. If you don’t yet have a fully funded college savings account for your children, life insurance can help pay for that cost should something happen to you.

If something did happen to you your children are going to have a hard enough time dealing. The last thing they need is for their lives to be turned upside down because of financial matters.

# 2 – You Are Married

If something were to happen you how would that affect your spouse? What about vice versa? The point of life insurance is to protect financially.

You’ll want to seriously consider life insurance if you’re married and…………

Have Debt – Life insurance can help your spouse pay off debt that you’ve accumulated. This can include credit card debt, car loans, and student loans.

Have a Mortgage – Would your spouse be able to pay the mortgage or cover rent without you around? What about day to day bills? If not you need life insurance.

Another thing to consider is funeral costs. I know it’s something that we don’t like to think of but funerals are expensive (averaging around $6,560) and life insurance can help with this burden.

# 3 – Your Parents Co-Signed On a Loan for You

If your parents co-signed on any type of loan for you they may be on the hook for that debt even after you’re gone. Having enough life insurance to pay the debt back can ease your family’s financial burden in a time of mourning.

# 4 – You Own a Business

Last, but not least, if you have a small business you might want to put a life insurance policy in place for yourself. The proceeds of the life insurance policy can help keep your small business afloat.

Life Insurance is Important

Life insurance is an important element of any solid financial plan. It’s also not as hard as you think to obtain.

You can get life insurance by getting quotes from any of the sites on this list: Best Term Life Insurance Companies. From there you’ll get dozens of quotes on term life policies from different carriers and will be able to choose, and apply, to the best policy for you.

Don’t wait any longer! If you need life insurance get it today.

Do you have life insurance? Why or why not?

Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

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