Making sure you have life insurance is important to your family and friends. It is something you can do to make sure you do not leave your family with the burden of paying off your bills and paying for your funeral.
So when should you get life insurance? There are a few specific moments in your life that should lead you to get life insurance or increase your life insurance total.
Your First Real Job
Many employers offer life insurance as part of their benefits package. This can be anywhere from $50,000 to twice your salary. When entering employment you have the option to choose how much coverage you get. This is a perfect time to get life insurance. usually when people get their first job they end up buying quite a few things like a car or a house. If you have debt left on these items, you can end up leaving your friends and family with the bill.
When You Get Married
When you get married the saying goes ‘what is mine is yours and what is yours is mine’. That goes for debt as well. If you happen to pass and have a ton of debt left over, your significant other will be left with the bill.
When You Have A Child
When you have a child you most likely are planning on saving for college and providing for your child growth. If you happen to pass during this time, the child may be left in an unfortunate situation. By having life insurance, you can make sure your child has a future that is planned for should something happen to you. If something were to happen your life insurance policy could cover the cost of the future of your child.
As Your Getting Older
The major reason people get life insurance is to pay for the cost after they pass. If you can imagine the hospital bills and funeral costs can add up quickly. You want to make sure people who you love to not end up getting stuck with large bills. It can be a hassle for them to deal with alongside your passing.
The above mentioned items are key points in every persons life where it makes sense to get life insurance. The fact of the matter is if you have people who depend on you than you need to have life insurance.