3 times life insurance is worth it

Life insurance is considered an important part of financial planning. Although other insurance covers traveling, pets or the car, life insurance provides important financial support to your loved ones in the event of your death. In exchange for a minimal fee to a provider each month (often discount If paid annually), policyholders can secure hundreds of thousands of dollars worth of protection (and sometimes millions of)

And yet, many American adults still do not have a life insurance policy. “In January 2021, only 52% of consumers reported owning life insurance (ie, individual, employer-sponsored, etc.), down from 63% in 2011,” according to a survey conducted by Limra.

Life insurance can also provide stronger financial protection for the other 48% of adults cited in that study. And while everyone’s personal situation is different, there are some reliable ways to know if it’s worth it. We will discuss three of those periods below.

If you think you could benefit from protection life insurance get started by getting a free price quote now.

3 times life insurance is worth it

Life insurance is often beneficial to have at all stages of your adult life. It is especially worth it at these three times.

If you get married

If you’re single, financially independent, and don’t need to support anyone else, you may not need life insurance (or you may get a minimal amount). Once you get married, however, your financial situation may change. And if so, you should switch with life insurance.

If you and your partner depend on each other to pay the bills and make ends meet, you should both have a life insurance policy. This will ensure that, should the worst-case scenario occur, the other person will not suffer a major financial loss. Life insurance is worth it after you get married because it will provide a financial safety net for your spouse in the event of death. Get a free price estimate now so you know how much it will cost

When you have children

The same reasons for buying life insurance when you get married apply to your children. In short: If you have people who depend on you financially, be it a spouse or children, then life insurance is worth it. This will ensure that there are no financial problems if you die before everyone is financially secure.

What should you consider a “baby”? All children under 18 should be covered. But if they’re older and in college or just starting their careers and still need financial support, it may still be worth keeping.

Do a realistic assessment of your family’s financial situation and think about what might happen if you lost one (or both) parent’s income. Life insurance is valuable if there are no financial alternatives.

When you buy a home or take out a mortgage

Life insurance isn’t automatically worth it when you buy a home or take out a mortgage. Some people don’t mind selling their home after they die.

But if you want your home to last with the people who currently live there – or if you want them to sell for top dollar and get the maximum financial benefit – then you should secure a life insurance policy. A life insurance plan will pay you the amount owed to your mortgage lender Beneficiary The option is to maintain their current standard of living in your home or they can pay it off and reap the benefits of selling the home mortgage-free.

However, to provide these options, you first need a life insurance policy that is still outstanding. Once you have a rough image in mind you can begin. Haven Life can provide a free price quote online today.

Bottom line

Life insurance is a valuable financial tool for millions of American adults. And it doesn’t have to be worthless. In fact, many times life insurance is worth it, especially if you are married or have children who depend on you. And if you’ve recently bought a home (or still owe a mortgage) life insurance can be valuable by ensuring your loved ones stay in your home (and are paid with your policy).