Do I Need Life Insurance?
Life insurance has proven to be one of the most cost-effective ways to safeguard the dreams of many generations of families. While you could never be replaced, life insurance can help your family handle financial pressure resulting from a loss of income due to premature death.
Here are the many reasons life insurance is a smart choice:
Just starting out: If you’re not married, you probably don’t think you need life insurance yet. But, if you have student loans to pay off and your parents co-signed any of the loans, they may be responsible for them if something happens to you. Life insurance can help provide the funds to finance repayment.
Saying “I do”: Starting a life together comes with a tremendous amount of excitement – and financial changes. Car payments, mortgage payments – and remember those student loans? You’ll want to make sure your spouse is able to handle the expenses, both the ones you brought with you and the ones you’re planning together, if the unexpected happens.
Car seats, soccer balls, and more: Raising a family is unimaginable joy. But the expenses are unimaginable, as well. According to the USDA, it costs $245,340 to raise a child to age 18, and that’s before he or she goes to college. The home and life you’ve made together are precious. Making sure that the hopes and dreams you have for your family can happen if you aren’t with them could be considered the truest form of love you can show.
Enhance coverage through work: You may have some coverage through work and think it’s enough. But coverage you have through your employer isn’t portable – it doesn’t come with you if you switch firms. You should have coverage independent of your employer as part of your complete financial plan.
The next stage: Even though you no longer have the financial concerns of raising a family, you’re now moving into a time of new ones. Make sure your loved ones aren’t impacted if something happens to you – for instance, if pensions stop, or if there could be many final medical bills or expenses to cover. You wouldn’t want concerns and worries to trouble your spouse at a time when his or her ability to cover expenses could be compromised by age or situation.
Ensuring peace of mind: Knowing you are protecting your loved ones’ security if anything happens to you can help free you of stress and worry. And let you get on with the best parts of life.
Before buying life insurance, it makes sense to consult with an insurance professional for a more thorough analysis of your needs. As a NYSBA member, you have access to group life insurance with the New York State Bar Association Insurance Program. Click here to learn more.