Let’s face it — Paying for life insurance can be the last thing on our minds when we are trying to keep up with the insane cost of healthcare while we are still alive. Nobody likes to think about their own mortality, especially those still in their twenties and thirties. But generally, the younger a person is when they get life insurance the lower the premiums.
Ultimately, life insurance isn’t about the policyholder. It is about the people who count on them. If you’re in your thirties, you may want a term policy that would help assure that your kids can go to college or that the mortgage gets paid. If you’re a little older, your priority may be your medical and other bills and other debts.
Many people believe the cost of a policy will be high. The great news is that in today’s market, policies are actually very inexpensive when you know where to look. Personally, I was on a very tight budget when considering life insurance. I spent hours comparing programs and rates online – But, that has drastically changed due to this technology.
Fidelity Life eliminates the fear of overpaying and saves tons of time with their no medical exam life insurance programs. Fidelity Life actually comes in two different programs— Rapid Decision Express and Rapid Decision Senior Term. Both policies help individuals who qualify save a lot of money, time and it’s easy to understand – (Something I really could have used).
**It is FREE to see how much coverage cost –> Click here to see your rate!
How Much Is Life Insurance?
Right now you can get $250,000 of term life insurance coverage for around $15 per month. When I found out how affordable life insurance is I was actually a little embarrassed I did not have it. Cutting back or saving on these items below can easily add up to $15 per month – you just have to want it.
- Cancel Netflix
- Cancel Amazon Prime
- Cancel HBO / Showtime
- Reduce Mobile Phone Features
- One Less Manicure Each Month
- One Less Starbucks Trip Each Week
- One Less Lunch Each Month
- Cut Your Car Insurance Bill
Top 5 Reasons Life Insurance Is A Must Have For Growing Families
1. Replace Lost Income For Your Family
The most obvious reason why we need life insurance is to provide money to replace our income if we die so that our families can maintain their standard of living. Even in two-income families, the loss of one income can be overwhelming without adequate life insurance. A life insurance policy may also supply money for children to go to college or get a head start on their adult life.
2. Pay Off Debt & Expenses
Your family also needs insurance to cover any outstanding debts, like the mortgage, credit cards, student loans and car loans. No one wants their spouse, parents, children or other loved ones to be left with any unneeded financial burden in addition to the emotional burden they’re already suffering.
Families currently facing heavy debt should also consider the Freedom Debt Program. Surprisingly people have been able to resolve their debts faster and without filing bankruptcy. What’s more impressive is that, if you are experiencing financial hardship, you may resolve your debt for significantly less than what you owe today through the program.
3. Cover Burial & Funeral Expenses
Even if you don’t have a family to provide for, you still need life insurance to pay for your burial and funeral so that you don’t financially burden adult children, siblings, or others with those costs. These expenses could run into the tens of thousands of dollars in some cases.
4. Pay Medical Expenses
Unfortunately, when some people pass away there is a mountain of medical bills can accumulate. Having life insurance can help cover these bills and assure your family is not harassed by collection agencies.
Medical bills are a top reason why so many Americans file bankruptcy each year. Many times unfair medical collections can be removed from your credit report through the Lexington Law Credit Repair Service.
5. It’s Cheaper Than You Think
If you think you can’t afford life insurance, you may be wrong. A study from LIMRA found that 80 percent of consumers have the wrong idea about the true cost of life insurance. Millennials, for example, believe life insurance policies are more than three times more expensive than they truly are.
Buyer Beware – Do Your Research!
Don’t get sold life insurance if you do not need it. Not everyone needs life insurance. If you are young and without dependents, you may not need life insurance. If you plan on having dependents, it can be a good idea to buy insurance when you are young. By doing so, you guarantee your insurability (as long as you continue to pay the premiums).
Chris Powers is a senior writer/newsletter editor at Start Living Better. He is a self-employed, father of two with a big love for sports (Even though he can’t really play any).