This article was sponsored by SelectQuote, but all thoughts and opinions are my own.

While working as a mortician for over a decade, I was constantly surprised by the number of people I dealt with who failed to prepare with life insurance. I never did any official tracking, but I’d say that over 50% of the families that I served had no coverage. Honestly, I thought that was crazy!

Here’s the deal: Life insurance, especially for young people, is ridonkulously cheap – especially when you use websites like SelectQuote to compare costs! And, with many funerals costing upwards of ten grand, going without life insurance is really a disservice to your family.

Unfortunately, the costs of dying don’t stop at the funeral! There are plenty of good reasons to jump on the life insurance bandwagon, some of which we rarely think about. Here are a few things life insurance can do for your family in your absence.

3 Reasons to Buy Life Insurance Besides a Funeral

Pay Off Debt

Imagine this: You’re driving home after a long day at work, looking forward to a great weekend of maxin’ and relaxin’ with the fam. Unfortunately, your Ford Focus gets t-boned… and you don’t make it. Oh, and you didn’t have any life insurance. After the shock and pain wears off for your family, they’re still going to find a mortgage bill in their mailbox on the first of the month. How will they pay that? Not not only do they face the loss of their husband and father, they may lose their home as well.

Replace Your Income

If you’re a working adult, and we hope that you are, your family counts on you to make money. But they don’t just count on your income now. They’re also assuming that you’ll be around to pay expenses for the foreseeable future. In addition to keeping the lights on and the cupboards full, your family needs your income to live the lifestyle they are used to living. It’s easy to protect that lifestyle with a simple term life insurance policy.

Even if you aren’t the bread winner, life insurance coverage on yourself can help reduce the financial burdens on your loved ones. After a death, going back to work can seem nearly impossible. Having even a small policy can ease that financial stress, allowing your loved ones the time they need to grieve before dashing back to work.

Pay for Future Dreams and Goals

Most of us have goals and dreams for our the future. If we’re smart, we’re saving for those dreams already. Whether it’s paying for weddings, college, retiring early, or traveling the world, wouldn’t it be nice to know that your family could still reach those goals even if you died? Having enough life insurance can ensure your family is able to achieve and experience all of the dreams that you had planned for them, even after you are gone.

What Type of Life Insurance Should You Buy?

There are two basic types of life insurance – term life insurance and permanent life insurance. Essentially, term life is insurance that remains in effect for a stated period of time (as long as you pay your premiums) and ceases to exist once that term has expired. For example, you may buy a 20-year term policy which stays in effect for 20 years. If you passed away after the term period, no death benefit would be available.

Permanent insurance, on the other hand, is life insurance which stays in effect until you either stop paying the premiums or you die. Permanent insurance includes whole life, universal life, and other products. These policies typically accrue a “cash value” over time, and you can cash out if so desired.

So, what is better? In my opinion, it’s not even a contest. For the vast majority of people, term insurance wins every time. Term insurance is affordable, protects your family while they are young, and expires about the time you should be considering other insurance alternatives (like long-term care). Permanent insurance is outrageously expensive, pays huge commissions to the agent, and is just a bad all-around deal for most consumers. And, if you’re worried about cash value, don’t be. You can save money in a bank account instead.

Buying Life Insurance – A No-BrainerNo matter what you've been told, life insurance is not just for funerals. Discover some other reasons you should buy life insurance, here.

Of course, there are no guarantees of coverage and term insurance isn’t right for everyone. Be sure to consider all options and contact an agent you trust before making a final decision.

However, if you’d like to shop some different rates, check out SelectQuote.com. After being in business for over 30 years, SelectQuote excels at finding the lowest cost term life options to meet your needs. Quotes are free, and the process takes just 10 minutes or so. Once the process is complete, a SelectQuote advisor will help you compare the best options for your particular situation. The best part is that you can complete the initial interview with a call or online!

Although SelectQuote specializes in term life, that’s not all they offer. You can also use them for quotes on auto, home, and senior care coverage. Just follow the link above for details.

Do you have life insurance? What type of coverage do you carry? Let us know below!

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