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Should I Buy Life Insurance? 5 Reasons You Should

10 July 2013 5 Comments

canstockphoto4019523When entering our adult lives, we rarely have the time to think about the worst scenarios that can happen at any time – as young people we tend to be optimistic about our plans and future, and rightfully so.

But as we get older, it becomes apparent there are things that are out of our hands and thus we have to be prepared for the worst.

That’s why it’s very important to have life insurance – a way to be sure, that if something were to happen to you, your family would be taken care of.

There are plenty of reasons why health insurance is important, but here are five that are very relevant in the year 2013.

1.       Protecting Your Family and Loved Ones

When you have a family, they are usually dependent on you providing for them, so you should think about leaving them with some financial safety if something was to happen to you and you wouldn’t be able to work, because of an injury or death.

It’s especially important when you have children, because if you’re not insured, you’re risking leaving your spouse with all of the financial responsibility, which can make it impossible to provide the family with everything it needs.

2.       Debt Payoff

Many families today take on loans for real estate, cars and other major expenses and need financial stability in order to pay them off.

That’s why having a backup plan is crucial – you don’t want to leave your family with a debt that they cannot cover.

Having insurance for your debt you can be sure that your loved ones will not lose their home and will be protected.

3.       College Tuition

We all want what’s best for our children, and a very important part of raising them is providing them with a proper education, so saving up for their college is a priority for many families.

However, if something unexpected were to happen, your children might end up without an education – that’s why you need an insurance that will pay for your kids tuition fees if the situation would arise.

4.       Leaving an Inheritance

If you want to be sure that you’re leaving something behind for your family, in the event you were to pass away, a great idea is to get a life insurance and make your family the beneficiaries if something were to happen.

This way you can secure your families future even if they had to live on without you.

5.       Peace of Mind

Perhaps the most important reason for getting life insurance is simple – when you have a family, you want to be sure that they will be protected, no matter what happens.

After all, when you have peace of mind, you can enjoy the life that you have with your family and not worry about what might happen.

The reality is, none of us controls our destiny – although we want to believe that everything’s going to work out fine, anything can happen.

That’s why having insurance is a wise choice for anyone – it can provide a little comfort that at least the financial needs of your family would be covered, no matter what happened.

About The Author:

Romayne Warner is a full time self employed blogging fanatic. Obsessed with finding small ways to save money every day, she enjoys sharing her frugal lifestyle tips and tricks with the world, she regularly writes about saving money.

5 Comments »

  • Evinizi Yenileyin said:

    Although I do agree with the idea and reasoning, I still cannot get to trust "life insurance" itself. Like, how can you be so sure after you pass away, the insurance "will" save what you expect? I find it better that in such situations, to save up something yourself, think ahead yourself, and leave "that" behind, instead of relying on a company you wouldn't know if they're just ripping you or not.

  • Simon said:

    I think its always a prudent idea to have some sort of insurance…life can be pretty upredictable at times and having a policy can save you many a head-aches. I think to answer Evinizi in the comment here, the life insurance company is bound by law to honor its pledge and pay on the premiums you have paid. Great post Romayne!

  • Apoorv Agarwal said:

    Yes you should get your life insured 300% for future purposes and for great life of your childrens. As you get older , things start slipping from your hands. You should get life insurance asap via any life insurance agent.

  • CGI said:

    I think Evinizi is right. Saving something up for yourself was the trick for over thousand of years. Why should we change this. If the company could give me a 100% guaranty, I'd made it already.

  • MoneyMazics said:

    Very good article on the need for insurance. Usually people should take at least Ten Times of their annual income as life insurance in order to enable the family to maintain their usual life style in case the bread winner is no more. However people ignore this most important need.