Are you on the fence about purchasing life insurance? Feeling overwhelmed by the decision? Don’t be.
It’s never been easier to shop for and compare life insurance policies online. Access to affordable term life insurance is granted in minutes, and, in some cases, without a medical exam.
Since you undoubtedly wear many hats, choosing a policy that protects loved ones, business ventures, and even property is a must.
Here are eight reasons why you should lock down a life insurance policy in 2020.
8 Excellent Reasons to Get Life Insurance Now
Life insurance isn’t about you. Sometimes we get locked in a jail of indecision when making choices about what we need. Helping someone else is often the key to breaking free.
Life insurance is an opportunity to provide for those you love – long after you’re gone. Focus on that person or group of people you love. Can you see your loved one(s) in your mind? Good. Use that image to guide your decisions when choosing a policy to make sure you leave them in a state of financial wholeness.
1. It’s Affordable and Easy to Get Started
Gone are the days of being priced out of coverage. A+ rated, BBB-accredited Bestow is just one example of affordable term life insurance you can set up today. You can get an online quote in minutes without a commitment, medical exam, or a mountain of paperwork.
According to PolicyGenius, an online insurance-comparison marketplace, term life insurance is typically six to 10 times less expensive than permanent life insurance.
For as little as $3 a month, you can get a Bestow policy with a death benefit up to $500,000. And with term options as low as two years, it can be a security blanket while you ponder what you really need for the long-term.
2. People (and Pets) Depend on You
We wear so many hats. We are mothers and fathers. We are caregivers, life partners, and pet lovers. There’s a harmony to us being here, but death causes a break in how the world turns.
Who will be impacted financially when you’re gone? Are you …
- An only child caring for elderly parents?
- A work-at-home parent tending to a special needs child or relative?
- A divorced parent paying child support?
- A fur mom or dad?
You play an important role in the lives of those you love. The provision of a life insurance policy can be there when you can’t.
I’ve heard countless stories about the compounded grief of losing someone and being financially strapped. Calculate what’s needed to have a solid foundation to rebuild on, and then find a policy that fits.
3. You Live Sustainably
You’re all about lessening demand on natural resources. You reduce your carbon footprint. You seek ways to promote a natural balance with Earth and humanity.
Life insurance affords you the opportunity to lessen demand on your most precious resource: your family.
The right life insurance policy can take away the burden of funeral (or life celebration) expenses, provide cash that’s not tied up by probate, and give your loved ones breathing room for bereavement.
4. You Own a Business
Roughly one in 12 businesses close every year. While the main reason for closure is cash flow, death of the owner is also a major factor. It doesn’t have to be.
Many businesses survive and even thrive in the absence of owners and founders. And while life insurance isn’t the only vehicle of choice to sustain a business, it could be a good option. No matter your business structure, from sole proprietors to multi-partner corporations, life insurance is something to seriously consider.
Insurance can help your beneficiaries pay off business debts, estate taxes, or help fund a buyout for a partner who wants to carry on. Have a conversation with those who will be impacted to determine the best course of action.
5. You Have Debt
Your estate is responsible for your debts, both secured and unsecured (such as credit card debt) after you’re gone, even if you were a co-signer. While federal student loan debt discharges after death, private student loans, business loans, and personal loans all have a piper that must be paid. You can get a policy that covers debt payoff to take financial pressure off your beneficiaries.
This could also work for a mortgage. That way, your family can live in your home debt-free and without the worries of monthly payments.
6. You’re Under 30
Life insurance rates increase with age, so locking in a policy when you are younger means you’ll have access to more money for your loved ones at a lower monthly rate. Every year you wait, rates could increase as much as 10 percent.
7. You Have a Complex Family Health History
I have a friend who had a double mastectomy at an early age due to her extremely high risk of developing breast cancer. Breast cancer claimed the lives of so many women in her family that, when pre-cancerous cells appeared, she decided to have the surgery to preserve her life.
If you have a family history of devastating illnesses, getting a life insurance policy may be a good idea. It’s a precautionary measure to ensure financial stability for your loved ones.
8. You Don’t Have a Retirement Plan
Of course, this isn’t the ideal way to take care of your spouse in later years, but if your retirement plan is nonexistent or inadequately funded, it’s an option.
Options for Term Life Insurance
The following term life insurance businesses are a good place to start when beginning your search.
- Bestow: Rated A+ by A.M. Best, a respected insurance industry analyzer, Bestow offers policies online in just a few minutes with no medical exams or in-person interviews for as little as $3/month.
- PolicyGenius: Compare insurance quotes from different carriers in one place to get the best rates.
- Haven Life: Haven Life offers coverage up to $3 million, multiple insurance terms and affordable, set payments. They are backed by MassMutual (A++ rating, A.M. Best). You can get an online quote in minutes.
- Ethos: Get an instant online quote, choose your term coverage, and chat with a licensed agent before you commit. They provide coverage up to $1.5 million with fixed payments. They are backed by Banner Life, under Legal & General Americarating, A.M. Best.
Start with term life insurance. It’s affordable and flexible.
Remember, term life premiums rise based on age, but they are also impacted by your health. Lock in the best rate possible. The sooner the better.