When Should I Consider Getting Life Insurance?
As you get older, you may worry more about providing for your family. If you are the breadwinner, you may be concerned that something will happen to you and leave your family without money to pay the bills.
While the average life expectancy in the United States is 77.5 years, a lot of people do not live that long. They may die young due to accidents or diseases. Even if you take care to live a healthy life, the truth is that any of us could die at any time.
While there is not really much you can do about that, you can protect your family financially with life insurance. Life insurance provides a payout to your beneficiaries upon your death.
You may wonder if you need life insurance, and if so, when is a good time to get it? There is no clear-cut answer to this question. It primarily depends on your life situation, not your age. The main question is: Does anyone depend on you financially? If so, then getting life insurance makes sense.
Many people choose to get life insurance when they experience major life milestones, such as getting married, buying a home, or having a baby. Life insurance premiums are cheaper when you’re younger. It’s recommended to get longer terms, such as 20 or 30 years.
Does everyone need life insurance? If you’re single, have no children, and have no debt, then purchasing life insurance may not make sense. It would be better to invest that money elsewhere. However, most people, such as the following, would greatly benefit from it:
- Breadwinners. If your partner relies on your income, they may not be able to support themselves upon your death. A life insurance policy can help them cover living expenses and maintain their current lifestyle.
- Stay-at-home parents. Even if you don’t earn a salary, you still provide services that can be costly to replace, such as cooking, cleaning, and child care. A life insurance payout can help your partner cover the costs of these services.
- Those with dependents. Minor children are unable to provide for themselves. A life insurance policy can help parents and grandparents provide money for their dependents.
- Small business owners. If you own a business, it may struggle once you die. A life insurance payout can help your business partners or heirs cover expenses. They can buy out your share or keep the business running in your absence.
Contact Us Today
Life insurance is not a priority for many people, but if you have a family that depends on you, having it may make sense and provide peace of mind.
Hartman Insurance Agency has decades of experience helping Michigan residents make the right decisions in their lives. We will help you find the life insurance protection that fits you and your family’s needs. Whether you need basic coverage or something with more coverage, we can find a policy for you. Fill out the online form or call (734) 999-4190 to schedule a consultation.