While most people don’t think about getting life insurance until they are married and starting a family, you can benefit from having life insurance at every stage in your life.
Here are some of the scenarios in which having life insurance coverage could help you.
Scenario: Recent College Graduate
At this stage in your life, having life insurance is not essential. However, there are still some benefits to having coverage. For instance, if you were to die and leave behind student loans, having life insurance will ensure that your family will not have to adopt the financial burden of your debts. Additionally, investing in life insurance at such a young age will ensure that you are getting cheaper rates then you will have access to later in life.
Scenario: Young Newlywed Working Full-Time
If you were to die unexpectedly, your spouse would be saddled with all your remaining debts. Additionally, if you were both working full-time, your spouse might have trouble getting by without your salary. However, if you have the right life insurance policy, you can pay off any debts you leave behind and provide a sense of financial stability for your partner.
Scenario: Married with Children
This is the point where having life insurance becomes absolutely essential. You should make sure that your death benefit will cover remaining debts like your mortgage and any student loans. Additionally, you should also have coverage for your children’s future education and coverage for the loss of your income.
Scenario: Retired with Adult Children
Once you are retired and your children are out of your house, having life insurance is no longer a pressing need. However, it’s important to keep in mind that life insurance coverage is meant to help your loved ones. If your family is in a tight financial situation, make sure you have a policy to cover your funeral and burial costs. This will take some of the financial pressure off your loved ones.
These are some of the reason why you need life insurance coverage throughout your life. Interested in finding the right life insurance policy to fit your needs? Don’t hesitate to contact us at John Scott Insurance. Our highly-trained professionals are ready to assist you with all your coverage needs.