When Should You Buy Life Insurance?
Sometimes it’s hard to know when to do certain things in your life. Is now the time to pop the question? Is it time to have children? Is it time to change jobs or find a new home?
Have you ever asked yourself if it’s time to buy life insurance? If you’re not sure when the right time is, keep reading. Life insurance is a good option throughout your life, but some moments make it a better time to buy.
When You’re the Breadwinner
If you earn the most money in your household, your family is depending on your income. With a life insurance policy, you can relax knowing they’ll be taken care of no matter what happens to you.
When You’re a Stay at Home Parent
You cook, you clean, you watch children. None of that is free if anyone but you is doing it for your family, and what you do has definite value. If something happens to you, your family will still need to eat and have a clean home. A life insurance policy can be your way of doing those things for them even when you can’t be with them.
When You’re a Divorced Parent
A Massachusetts life insurance policy will make sure your children are taken care of even if you’re gone. It doesn’t matter if you’re the one who pays the child support or depends on it, your children will still need financial care if you die while they’re young.
When You Own a Business
Without a life insurance policy, your family will be stuck with any business debt you may have and the frustrating decisions of how to handle your business. Life insurance can even help your business partners take over the business with a buy-sell agreement so your family gets the money and your partner keeps the business.
When You Want to Provide an Inheritance
Your children may be grown and with kids of their own. They’re doing just fine on their own, but the idea of leaving something behind for them is important. A life insurance policy can be their inheritance from you.
When You Have a Mortgage
After you die, your mortgage will still have to be paid or your family may not have a place to call home. Your life insurance can pay off the mortgage and give your loved ones a sense of financial security.
When You Want to Pay for Your Funeral
You either don’t want to burden your family with the costs of your funeral or you want to have the funeral you want, not the one your kids may choose. Your life insurance can cover the costs of your funeral, taking a burden from your family when they could use the most help.
It’s always a good time to have a life insurance policy, because you never know what will happen. But if you need to know when it’s most important to have one, see if you fall into any of the categories above.
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