We don't have any life insurance.
We used to have a small amount paid for by our previous employers, but that was almost two years ago and it no longer exists so it's not like it helps us at all.
We will absolutely add life insurance before we start a family, but it wouldn't hurt us to start searching now.
Life insurance is so very important.
The main reason most get life insurance is because it can help your loved ones and anyone who depends on you. This way they can still pay the bills and grieve without having to worry about money. There are many more reasons to get life insurance though!
Below are four reasons for why you may need life insurance. Even if you don't think you do, there might be a reason below so I suggest you continue reading!
If you are looking for life insurance, I recommend checking out Policy Genius.
1. Do you have a family?
If you have a spouse and/or children who depend on you and your income, then you should have life insurance.
Life insurance can help your family so that they can continue to pay their normal day-to-day bills and any debt that you may leave behind. Life insurance may even help them pay off the mortgage, pay for their college education, and more.
Just think about it. What would your family do without your income? Would they be limited?
2. Has anyone co-signed a loan for you?
If anyone has co-signed on a loan so that you could get approved, then you MUST have life insurance. This includes car loans, student loan debt, a mortgage, and so on.
Too many people forget about this. Then, when they pass away their loved one who was so nice to co-sign on a loan is left with the debt to pay.
I'm sure you don't want to do this to anyone. If you have life insurance, then this can be used to pay off your debt so that your co-signers aren't stuck paying your debt.
It's the responsible thing to do.
3. Are you young and healthy?
If you are young, then you may be able to qualify for a cheaper life insurance plan. Many young and healthy people skip life insurance but now may be the time since it is cheap.
If you sign up when you are younger, you may be able to lock in a cheaper plan and give yourself peace of mind for years to come. This is a big reason for why we are thinking about getting it now even though we don't have children.
4. Do you know how much a funeral is?
Life insurance can help pay for your funeral.
The average funeral is $7,000 to $10,000. If something were to suddenly happen to you, who would have to pay for your funeral expenses?
I know no one likes to think about that, but it's all about being responsible and caring for your loved ones even if something has happened to you.
A tip for finding life insurance.
Quotacy was started to make life insurance transparent to consumers and make it easier for those who like to shop online to research and buy life insurance to have peace of mind. To see how little term life insurance would cost you is super easy and instant (it takes just 30 seconds!). And this is why I like Quotacy. They make it very easy to see how will life insurance could fit into your budget.
Do you have life insurance? Why or why not? If you do, how much do you spend each year?
Subscribe to get the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom. Get our newsletter and get access to the freebie: