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The Importance of Life Insurance

The Importance of Life Insurance

12/18/2014 11:23 pm0 comments

So you may have heard your parents or financial adviser or someone else tell you that it’s important to have life insurance but have you actually made the decision to get it? If not why? If you have a terminal health condition, it can make it difficult to get however if you do not now is the time to rethink your decision. Maybe it sounds complicated or you just aren’t sure what kind to get or you think it’s too expensive.   It’s really quite simple to get a policy.

For starters life insurance doesn’t have to be expensive. For example, a good 20 year term life insurance policy of $200,000 could be had for around $20/month or a little more depending on your health, age, and a few other factors. For that amount of money it’s a no brainer to have life insurance. There are several other types of life insurance but they are more expensive and don’t provide the value that term life insurance does. I’ll write another post sometime about the different types and why term is the best or contact me and I can explain it as well.

There’s a few times when you probably don’t really need life insurance.  If you are single, have no kids or anybody that is depending on your for paying their expenses then you really don’t need it unless you have a lot of debt or no savings.   A small term life policy could help pay expenses when you die but you wouldn’t need very much.

If you have a family or have other people that financially depend on you then you should definitely have life insurance.   A good amount to have would be ten times your yearly income so if you are making $50,000 per year then you should get a $500,000 term life policy.   That way if something happens to you those that are depending on you financially would have money to invest and live off of for years to come.

Take a few minutes and think about term life insurance.   If you aren’t sure what company to use, contact me and I can recommend one.

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