Why You Should Have Life Insurance

But insurance payouts can actually provide a good supplement your savings.

Why you should have life insurance. Life insurance protects your heirs from the unknowable and helps them through an otherwise difficult time of loss. It may make sense to. Life insurance is a big purchase and one that will stay with you for many years. There are a number of ways to save money for your child s education.

You can get a policy with a death benefit as low as 5 000 or as much as 2 million depending on your individual situation. Term life insurance is extremely affordable. If you have an old policy laying around consider having it reviewed by your financial advisor. Life insurance allows those you leave behind to take care of any lingering financial responsibilities.

You may also consider purchasing life insurance while you are young so that by the time you need it you do not have to pay more due to your age. A 20 year policy with a death benefit of 500 000 for a healthy female can cost as little as 25 a month. Why or why not. Term life insurance covers you for a set term.

It could be today tomorrow or 50 years into the future but it will happen eventually. Do you have life insurance. You see life insurance as a tool that protects your spouse and children from the potentially devastating financial losses that can result if you die prematurely. Life insurance can replace income lost by your death which is particularly important if you have dependents such as young children.

This kind of policy pays a death benefit to your beneficiaries if you pass away before the term expires. It s not about you. Depending on the policy that may be anywhere from five to 30 years. If you die unexpectedly you can leave your spouse or children in a very tight spot.

Life insurance is for the living.