Hey everyone! As you all know, I recently switched to self-employment. It has been going very well so far, and I honestly wouldn’t have it any other way. I have been able to land a few contracts for now and the future, and that is definitely great.
All of my fears and worries related to unstable income and not being able to pay the bills (such as if everything went downhill very fast) have all disappeared. I was constantly discussing my worries here and on Diversified Finances, but I honestly haven’t even thought about these worries since before I made the switch to self-employment.
One thing that I cannot forget about is saving for the future. We are saving a very good amount, but something that we have not done is think about life insurance. Learnvest published an article about insurance policies that everyone needs.
Through my day job, I was given a small amount of life insurance (I think it was something like $40,000 or $70,000 – I honestly cannot even remember). And I believe W’s job gave him a little as well.
We’ve never gone further than that, and have never even honestly looked at anything else, so I’m not even sure what life insurance costs.
Yes, I know. Major personal finance fail.
Do we even need life insurance?
The reason why we never looked further into life insurance is because we thought that it didn’t really matter unless we have children. However, now that our income is primarily relied on what I am able to make, I have been thinking about looking for insurance, especially since right now we have a big fat $0 in life insurance.
I wouldn’t want something to happen that would mean a bunch of bills would be left behind because of me.
And, eventually we will be adding children into the mix, which will possibly be within the next few years.
Life insurance would give us peace of mind. When we do have children, we will definitely have life insurance as going without it just wouldn’t sit well with me. It shouldn’t be too hard to find what fits us best, such as starting by looking at guides.
Other reasons for why life insurance is important.
- Life insurance can help your loved ones pay for your medical bills and funeral expenses.
- It can help your children to continue living a similar lifestyle, and possibly pay for their education.
- Possibly cover the mortgage so that your loved ones have one less bill to think about.
Do you have life insurance? Why or why not?
Also, if you don’t mind, please share how much you pay!