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When To Buy Life Insurance

When To Buy Life Insurance | 7 Life Event Triggers

When to buy life insurance is a very common question families ask themselves.  Many life events present opportunities to consider life insurance.  Some life events, like getting married or having children add financial responsibilities. Others, like buying a home may create new assets that you’ll want to protect. In addition, other events such as changing jobs may give you the opportunity to reassess your life insurance needs. Whatever life event you’re facing, it’s important to consider how life insurance can help you offset any financial disruptions should the worst happen. By taking the time to review the events in your life, you can be sure that you’re prepared for whatever life throws your way.

Getting Married

One of the most important things to do after getting married is to purchase life insurance. This may seem like an unromantic task.  However it is a crucial step in protecting your spouse in the event of your death. Without life insurance, your spouse could be left with a mountain of debt and no way to support themselves. Even if you are young and healthy, it is important to plan for the future. No one knows what tomorrow will bring. And it’s better to be safe than sorry. With life insurance, you can have peace of mind knowing that your spouse will be taken care of financially if something happens to you.

Having Children

As any parent knows, children are a financial responsibility. From the moment they’re born, there are countless expenses – from diapers and formula to clothes and childcare. And as they grow older, the costs only continue to increase. For example, college tuition can easily top $100,000. That’s why it’s so important for parents to have life insurance. In the event of a parent’s death, life insurance can provide financial security for their children. It can help to cover the cost of education, living expenses, and any other debts or obligations. For parents, there is no greater gift than knowing that their children will be taken care of financially if something happens to them. So if you’re a parent, don’t wait – get life insurance today. It could be the best decision you ever make.

Buying A New Home

After you purchase a home, it is important to consider buying life insurance. A mortgage is typically the largest debt that a person will have in their lifetime, and if something happens to you, your family could be left struggling to make mortgage payments. Mortgage protection life insurance is designed to pay off your mortgage in the event of your death, giving your loved ones one less thing to worry about. In addition, life insurance can provide financial security in the event that you are unable to work due to an accident or illness. For these reasons, it is important to speak with a life insurance agent after you buy a home to determine how much coverage you need. By doing so, you can ensure that your family is protected financially in the event of your death.

Receiving A Promotion Or Salary Increase

A promotion at work can be a great accomplishment. It often comes with a salary increase and greater responsibility. But along with these perks, there is also an increased need for life insurance. If you are the breadwinner of your family, a promotion can mean that your family will be financially devastated if you die unexpectedly. While no one likes to think about their own mortality, it is important to have a life insurance policy. It may not be the most exciting thing to think about, but it could make all the difference for your loved ones if something happened to you.

Getting Divorced After Having Kids

As a single parent, you have twice as much financial responsibility as someone who is married. This means that if something happens to you, your children could be left without the support they need. For this reason, it’s important to consider buying life insurance after getting divorced and having kids.

Becoming Self-Employed

Being self-employment has many benefit and challenges. One of the biggest challenges is securing life insurance. When you work for an employer, life insurance is typically provided as a benefit. But when you’re self-employed, you’re responsible for securing your own life insurance policy. This can be a daunting task especially if you’ve never shopped for life insurance before. However, it’s important to make sure you have adequate coverage in place in case of an unexpected death.

How Much Does It Cost?

Many people believe that life insurance is too expensive, but the truth is that it can be quite affordable. There are a variety of factors that go into determining the cost of life insurance such as your age, health, and lifestyle. Consider your options after shopping around.  Make sure to carefully compare the company’s side by side.  It’s important to look for value as it often triumphs price in some cases.  To compare companies and see how they stack up against one another Click Here to make the most informed decision to understand what best suites your families needs.  Buying life insurance for smart families the smart way is a great source to consider when shopping around.