If you’re reading this article you’re probably wasting your time wondering if you really need this life insurance everyone is telling you about. Growing up you got used to that people are taking care of you. Now it’s your turn to show your love and protect your family. Insurance is one of the most significant ways to do that. Getting life insurance is not something you think of endlessly, it’s something you do as soon as possible!
Because, you see, the thing with life insurance is that it’s never too late saying doesn’t work well in this case. You’d rather want to apply the earlier the better here. Why? And what are the precise reasons to apply for insurance at all? With the guidance of anorak.life we decided to answer these questions and put this article together.
Protect the Cosigners
Taking any kind of loan or even getting a public refinancing is associated with signing contracts that usually require at least two cosigners. The role of the cosigners is to take over the financial responsibility in case something unexpected happens to you. Getting life insurance in such a case will protect your cosigners from the financial side. The insurance will cover at least a part of what the loan or refinancing cost.
It doesn’t mean that if you’re a young person getting a student loan and decide to buy life insurance, you’ll have to pay the rates for the rest of your days. You can choose a lower rate term life insurance and pay small rates just in the period of receiving and repaying the loan.
Young, Single, and Insured
Being a young and single adult doesn’t necessarily mean that you’re living a crazy carefree life. Your parents had you at a later age and you have younger siblings or disabled siblings that you have to take care of. Either way, if there’s someone that already is or is going to become financially dependent on you for some reason, considering life insurance at this very moment would be a very responsible step. The insurance would at least cover the expenses of your funeral, which is a horrible experience even without worrying about the financing.
Getting permanent life insurance at such an early age is also a guarantee of paying the same lower rates even decades later. Because the later you apply for life insurance, the more you’ll have to pay for it. At some age, it’ll even be impossible to get life insurance at all.
Marriage is a huge step for a relationship. You swear to stick to each other no matter what until death tears you apart. You really start to share your life with someone and become responsible for each other’s well-being.
You’re not having nor planning children and you’re both professionally active you might not want to buy insurance. Especially if your incomes are perfectly enough for you to manage as two separate households. In such a case, you’d probably just want to consider the possibly lowest rate life insurance just to cover the funeral costs.
Many couples decide to buy life insurance for themselves right after their first baby is born, which is a very natural step and an unwritten obligation almost. A baby turns your family life upside down and changes your priorities completely. You want to assure your offspring a stable everyday life, good education, and a certain future.
A loss of a parent is a highly traumatic experience and also a financial challenge for the whole family. Getting insurance the moment your child is born is a well-thought, considerate gift for their very first day in the world with you.
Although, if you’re getting married and from the very beginning you both want and are planning to have children in the future, that’s already the right time for you to apply for life insurance. The sooner the better! This way you can be sure to get insurance at a reasonable price and you can feel financially safe in case something happens, e.g., during labour.
The Entrepreneur’s Responsibility
If you’re an entrepreneur you can also consider life insurance that covers your business, as well. That would be a great help for your partners and employees. Keep in mind that if you only get term life insurance and you outlast the period, the rates you paid won’t come back to you. However, you can always surrender your permanent life insurance.
In a case where you only consider life insurance for business purposes and have no other responsibilities such as marriage and children, you can easily apply for permanent life insurance and cancel it the moment you shut your company down. This way you’ll get your insurance rates back (minus cancelling fees).
The Sense of Safety
Having life insurance is a favour for yourself, as well. Knowing that your loved ones will be financially secure when you’ll be gone gives you great peace of mind. Life insurance won’t replace taking good care of your health in order to have a long and happy life, and sticking to your family as long as possible. However, it’s a significant and very mature way to show them your love. Getting life insurance is just the right thing to do. Enjoy every single minute of your life and do your best-protecting people you care about!