What are the reasons to buy life insurance?
If you have others that depend on you for financial support, part of your smart financial plan should include how you will provide for them in the event of your death.
Here are reasons you should consider life insurance:
1. You just got married
Now that you’re no longer on your own, you’ll want to think about how your debt may impact your spouse. Purchasing life insurance can help cover the costs of outstanding debt.
2. You're having a baby
Having or adopting children is not only a huge life change, but it’s also a major financial commitment. As such, it’s important to purchase the right policy to secure your child’s future. Add your child as a beneficiary on any life insurance policies, and make sure your coverage is sufficient.
3. You are the primary wage-earner
Consider purchasing life insurance to help protect your dependents if something should happen to you. We suggest a policy of at least 5 to 10x your annual salary.
4. You co-signed a loan
If you have a child in college and you co-signed a student loan, life insurance could help pay off the debt if anything were to happen to your child.
5. You're planning retirement
There are life insurance options to help you save for the future and guarantee an income during your retirement years.
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Buying life insurance is personal. There are many reasons you may wish to consider it. Let us help you uncover some of those reasons and shed light on how it works.