Life Insurance is one of the most important financial tools you can have.
You can't really chance the future. You need to have solid financial plans in place and often people don't consider life insurance to be important until later in life. However the unexpected can happen at any age so here are just 7 of the reasons that are good times to ensure you have Life Insurance in place.
1. When you have children
Your children depend on you for financial support. If something were to happen to you then their lives could be instantly impacted if that support were to disappear.
If you have children and you died unexpectedly, how long would your family be able to meet all of their financial obligations – from paying the rent or mortgage, to all of the other living expenses from month to month? Could they go on at the same standard of living based on just your spouse’s salary alone? What about their other plans for the future, such as college savings – would all of that still be in-tact?
If your children are covered through your Life Insurance Policy they would not have to uproot from their home or change schools or generally be forced to start a new life with less income sources even if they are left with a one income parent.
2. When you get a motgage
Some financial institutions require if but if not its a good idea to take one out for yourself. Buying a home is one of the biggest purchases you will ever make and a mortgage is the biggest debt you will normally incur.
If you have a spouse and / or children, you will want to ensure that they will be able to continue living in the home, even if the unexpected occurs. People will often purchase a term life insurance policy that runs concurrently with the payoff schedule of their mortgage. That way, they can be sure that if anything happens throughout the loan term, there will be funds available to pay off the remaining balance.
3. When you start a business
Starting up or running a business incurs a lot of money in different directions. Your family could be left to pay all of those debts and have financial responsibility should anything happen to you even though they may not even be involved in your business.
By purchasing Life insurance your loved ones will be able to use the proceeds from the policy to pay any debts while also having benefits for themselves.
As a business owner you can purchase coverage just for you or also extend that to other key partners or employees which gives protection to everyone.
4. When you get married
Today's world is expensive. Gone are the days when only one spouse takes the full financial responsibility. In most cases both partners will work to cover rents, mortgages and other living expenses.
Most couple get by with the two incomes but if one were to suddenly lose the income of the other it can be devastating.
The proceeds from a life insurance policy could help to ensure that you don’t have to uproot and drastically change your life – especially during an already difficult time.
Marriage is one of the first “life events” that should cause you to purchase life insurance – if you don’t already have it. And even if you do have coverage through your employer, it may not be enough.
Having life insurance coverage can help couples rest easier, knowing the each will be able to still pay the bills and maintain living expenses, even if the unthinkable were to occur.
5. Taking on other debts
People love to enjoy life, This often involves living beyond our means with credit cards to buy all the toys we want like boats, bikes, RV's, vacation homes or maybe investing into additional property.
Either way all these things need paying and if something were to happen to you where you can't sustain these costs it moves over to your family to pick up the responsibility.
Don't leave your family the responsibility make sure they are covered with Life Insurance Policies to include these items so that you don't forgo your family's inheritance or coverage.
6. New starts or adventures
If you plan to travel a lot or have a new start it's always safe to have a Life Insurance Policy in place.
No one ever expects the worst to happen to them however the unexpected can happen to any of us at any time.
Starting a new adventure or a new lifestyle can leave you open to accruing a lot of new found debt such as moving costs, new mortgage, new job circumstances that might be offer complete long term stability.
Investing a little each month can cover you in so many ways. Chat with me today so I can show you all the benefits.
7. The Mistake most people make
Nobody wants to talk about life insurance more than someone who can no longer get it. Even healthy young individuals can get diagnosed with conditions that will make them no longer insurable. Unfortunately, every day we talk to individuals in this situation and they all have one thing in common. They wish they would have taken the time to get life insurance in place before they got sick. So getting life insurance in place while you young and healthy – is the most important time in your life to purchase life insurance .
While life insurance can provide the liquidity we need to keep our families out of financial hardship, you are unlikely to qualify for the coverage that you need if you are uninsurable. So, it is important to apply before it is too late.
Don't wait until you are sick to apply!
While there are some carriers who will take on applicants with various health conditions, the coverage amounts are limited, and the premium amount is typically quite high – often two to three times higher than a comparable fully underwritten policy.
So, qualifying for life insurance while you are still healthy can help you to ensure that your premium stays lower, and that you can get the amount of coverage that you truly need. How can you get the very best rate?
Call me today so that I can give you the best rates out there for the best coverage possible in and around the Colorado Springs, Pueblo & Castle Rock areas
Call for a free consultation on 719 502 7030
or book an appointment online anytime