Why have life insurance?
Life is ever changing and anything can happen at any given moment. The importance of preparing will provide peace of mind knowing there is a plan in place. Life insurance will cover the unpredictable and exorbitant expenses associated with end of life issues.
Of course it is a personal choice. The world is nothing without free will. Everything must be carefully considered when financial stability is brought into question. It is whether you are willing to take those risks and use your individual situation to your own advantage. We all have heard the tragic stories happening to people who experienced a sudden loss of a loved one and no life insurance was in force. The survivors are left with a major financial burden and many unanswered questions.
It is so important to do your research and decide which type of life insurance and how much to have that best fits your needs. Each of us has our own situation that is different from our neighbors and friends. Only you know what goes on in your household. Keep in mind, what may be best for someone else does not necessarily mean that is the best thing for you. Which is why YOUR needs must considered when purchasing a policy.
So, why have life insurance?
To pay bills. Most important, mortgage. This alone is a pertinent reason to have life insurance. This major bill will be paid off and not left to your survivors to deal with.
Young, fit and healthy? Then this is the best time to get life insurance. Your premium will be affordable and if you take out a policy that allows you to keep the same premium until the age of 65, you will have considerable savings... the earlier you start, the better. And then if you develop any health issues throughout your life, it doesn't matter, because you already have the policy in force. Forward thinking!
Are you married? Do you have a domestic partner? Should you parish and leave no money behind to help cover bills, you now just placed a heavy financial burden on your loved ones. Do you want to put them through added financial stress on top of the emotional turmoil caused by your death?
Peace of mind. If you develop a terminal illness, your life insurance will pay out a lump sum upon confirmation of a terminal diagnosis from your treating physician. You will have the money to help get your affairs in order.
Having life insurance in force, ensures there is a financial plan in place for those left behind. The premiums of life insurance are small and affordable to anyone's budget. Remember, it is important you discuss options with your agent and decide on a type/policy: universal or term that fits your individual needs.
Trisha M. Pacenti RN,BSN