Life insurance is important, but not everyone realizes it. Life insurance is like a safety vest. A lot of people don’t have life insurance because they think they don’t need a plan, but depending on your situation, this couldn’t be further from the truth.
Maybe you don’t think you need life insurance, but that probably isn’t true. We are going to show you some of the reasons you probably need life insurance.
If you’re married, then you need life insurance. It’s almost as simple as that. Married people need to have life insurance coverage.
Let’s say you have a lot of debt and you passed away, then those debts are probably going straight to your family. In most states, your spouse is going to be directly responsible for your debts.
If you have kids, then you need life insurance. Similar to your spouse, depending on your situation, your children might be responsible for your bills if something tragic were to happen.
If you’re kids still live in your home, then they rely on your paycheck for shelter, food, and much more. What if they no longer have your paycheck. Your life insurance can give your kids the money to pay for those necessary bills and debts.
Not only do you kids need your income from day-to-day, but they will also need the money in the future. Your children could end up with massive expenses, like college tuition.
If you have a mortgage, regardless of marriage, then you need life insurance. If you were to pass away, your family members are going to responsible for this loan. The mortgage company is going to go to your kids, your spouse, your parents, whoever they can find to pay the bill.
It doesn’t matter what your family situation is, but if you own a home, then you need to have a life insurance policy.
How Much Life Insurance do you need?
These are only three of the dozens of reasons you may need life insurance. Every person and family is different, there could be a million different reasons your family needs life insurance coverage.
If you fall into any of the categories above, then you need insurance protection, but you still need to determine how much coverage you need. Having life insurance is only the first step, the next one is to figure out how much you need.
Having too little coverage is a serious mistake and will leave your family with your financial burdens. Before you buy a plan, decide how much coverage you need.
The first thing you should do is look at your mortgage. It’s probably your biggest expense. Your plan needs to be larger than that number. If you don’t have a mortgage, look at your next biggest expenses. Add up all of your debts make sure your life insurance will pay off those bills.
Next, let’s do some multiplying. Specifically, let’s multiply your paycheck. Sounds like a dream, right? Times your paycheck by at least 7.
Unfortunately, you don’t get to keep the sum. If you have people who need your paycheck (either your spouse or your kids), then they need to be able to replace that number.
Getting Life Insurance
After you’ve calculated your number, you might be devastated to see how much coverage you need. Luckily, it’s very easy to get life insurance protection.
The internet has made it easier than ever to get approved for life insurance. There are some companies who operate entirely online, meaning you don’t have to spend hours on the phone with an insurance company.
One of those companies is Haven Life. They allow you to get no exam life insurance coverage in no time. Want to get affordable coverage fast? Look no further than Haven Life.
Do you need Life Insurance?
If you’re still wondering if you need life insurance, the answer is probably yes. Not having life insurance can be a dire mistake. It could leave your family with a mound of debts with no way to get over it.