We make plenty of decisions throughout our life. Some are determined by how old we are, others by how much money we make. We know when to get a driver’s license, when we can rent a car, and eventually when we can buy a home.
How do you know when to buy life insurance? Here are a few good ways to tell when it’s time to buy a life insurance policy.
Life insurance will be a way to make sure your spouse and family can cover the everyday expenses that your salary takes care of when you die. You don’t have to worry about the bills not getting paid and the additional financial stress for your spouse to deal with.
You Have Kids
Now you’ve got even more people to love and want to protect. Of course we all hope and assume we’ll be around to see our kids grow up and go off to college. Life insurance makes sure no one has to give up on their dreams because your life was cut short.
You Buy a Home
Your home may be the biggest financial decision you ever make. If you have life insurance, it can be used to pay off the mortgage if something happens to you. Your family won’t have to worry about whether they can continue living in the home they know and love.
You Become a Single Parent
When you’re a single parent, every day is spent worrying about what will happen to your children when you’re no longer around. With a life insurance policy, you can take another step in making sure your kids are well taken care of no matter what happens to you.
You’re a Caregiver
Maybe you have a sibling with special needs who lives with you or you care for an aging parent full time. What will happen to them when you’re no longer around to take care of them? A life insurance policy gives you peace of mind that their care can continue even after you’re gone.
You’ve Co-Signed Debt
Somewhere along the way, someone helped you get a new car or a home and cosigned a loan with you. You don’t want them to be stuck with an unexpected expense when you die. Life insurance can pay those expenses.
Your IRA or 401k isn’t growing the way you expected. The company you gave 30 years to didn’t offer a pension or it’s been shrunk to something unrecognizable. Someday you may leave behind people who rely on your income and a few unpaid bills. With a life insurance policy, your family won’t have to worry where the money will come from.
You’re a Business Owner
As a business owner, you’re constantly thinking about the growth of your company and how it can help you provide for your family. If you die unexpectedly, life insurance can pay off business debts or help your business partner buy out your part of the business with a buy-sell agreement so your family gets the money and your partner gets the business.
Throughout your life, there will be plenty of reasons to buy a life insurance policy. If you’ve hit any of these milestones, don’t let another day go by without protecting those you love from the unexpected costs and financial stress of your death.
When you’re ready to discuss life insurance policy options, contact us at Charlotte Insurance. We want to help you protect what you value most.