Life insurance is a valuable investment that helps protect your loved ones from financial hardships after your death. Age and health may factor into the policy options that are available to you, but these shouldn’t be your own personal indicators as to whether you need life insurance. If you have anyone who depends on you financially, you should consider life insurance a critical investment to make sure they’re cared for should the unexpected happen. Life insurance can help replace your lost wages and pay for some of your debt in the event of your death.
Though 73 percent of uninsured families recognize that they need life insurance, there are many individuals who are delaying their coverage. If you’re among the 62 percent of homes that would be in immediate financial trouble if a primary wage earner passed away, it’s time to stop procrastinating and start exploring your life insurance options. There are over 37 million American families that are currently uninsured, potentially putting their loved ones in a dangerous financial situation if they should pass on.
The first step to implementing a life insurance plan is understanding your options. You’ll find several options for both low-cost term life insurance and permanent whole life coverage. There’s no one-size-fits-all answer in this area. You should consider your financial assets, how much you can afford to pay for a premium, and how long you want to maintain a particular type of coverage. Brush up on your life insurance knowledge with HealthIQ’s tips in the quick quiz below.