Now that I plan on switching to the freelance lifestyle, I have been thinking about other finance related things in my life such as life insurance. Right now, my job pays for a little bit of life insurance for me (somewhere around $40,000 I believe), but I am wondering if I should get more? Once I make the switch, they also won't be paying for any of it, so I need to add this expense to my budget as well. I am still young though, so I don't see this eating up a lot of our budget.
Without my stable day job, a lot of our monthly income will be coming from my side hustles (soon to be 100% income) and I would hate for something to happen to me and my family not be ready for what may come in the future. We also plan on having children within the next few years, and life insurance will definitely be needed by then. A majority of our monthly and yearly income is dependent on me, and should something happen to me, I would hate for my family to suffer financially.
There are many reasons for why you would want life insurance. The main reason is to take care of those that you love if something happens to you. If you have debt, life insurance might allow your loved ones to pay off the remaining debt or have something to live off for day to day expenses. You don’t want your family worrying about money at such a distressing time.
We also want to throw in some travel into our lives, and you never know, we might be one of the many travel blogs who ends up traveling to Australia and loving it there and living there forever. Australian life insurance will need to be looked into at that point as well.
How I plan on finding the right insurance for me:
Usually asking those that you know for recommendations can be very helpful. Make sure that the company/agent that you do look into has the qualifications to help you out and can find a reliable life insurance policy for you and your family. Getting a referral from a friend can help you find something that may work for you and your family.
If you don't know of anyone, you might want to shop around as well. You will really want to comparison shop and make sure that you are getting the best value that you need. Even if you get valuable referrals from those that you know, you might want to still shop around and compare life insurance as you might be able to find something better. Shopping around can help you get the best bang for your buck and find the best life insurance plan for you and your family. You want them to be as prepared as possible. Make sure to compare life insurance.
This is general information and does not take account of your financial situation.
Do you have life insurance? Why or why not?
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