We hear the words “life insurance” many times throughout adulthood but do we really understand its importance. Here is why life insurance is important.
The share of Americans who don’t have life insurance has nearly doubled over the last 30 years, jumping from about 20% in the late 80’s to just under 40% today.
Who wants to meet face to face with an insurance agent, or go through the process of getting a medical exam?
Then there’s the matter of cost. Of the four in 10 American adults who don’t have a life insurance policy, the majority blame high costs for their decision not to get one.
However, do these inconveniences outweigh the reasons why life insurance is important?
Read on to find out why buying a life insurance policy is one of the best decisions you can make for your family.
1. Your Family Relies on Your Income
Are you the primary breadwinner in your family?
Even if you’re not, most families need multiple earners to enjoy a comfortable life in modern society. In fact, 42% of kids living in a one-parent household are below the poverty line, over three times the rate of kids in two-parent families.
A good insurance plan ensures your loved ones can cover all their monthly expenses on their own.
But don’t just settle for any coverage you can get, as some companies are more trustworthy than others. Start by comparing online life insurance quotes in order to find the best policy for you and your family.
2. Burials Are Far from Cheap
Here’s a scary thought: If something happens to you today, a funeral would set your family back about $11k. This includes the cost of everything from the casket to body prep to the transportation.
Imagine how distraught those closest to you would be if they lose you out of the blue. Now think about them having to shell out thousands of dollars during a time they need it the most.
Also, keep in mind that the money spent on a funeral is enough to feed your entire family for the next year and a half.
3. Your Kids Will Struggle to Pay for Their Own Education
Did you know one in three Americans in their 20’s and 30’s owe more than $30k in student loan debt?
Not to mention, over twice as many owe at least $10k.
This level of debt puts unnecessary stress on young adults trying to make their mark on the world. If you want your kids to focus on their studies without having a hard time sleeping at night, cover their back with a life insurance policy.
Final Thoughts on Why Life Insurance Is Important
Accidents claim more than 130,000 lives per year in the US. Meanwhile, heart disease and cancer combine for over a million more deaths.
Unpredictability like this reminds us why life insurance is important for the well-being of our loved ones. And if you’re young, consider this: premiums become more costly as you age and your health declines.
Want to stay healthy and be around for your family as long as possible? If so, head over to the health section of our blog for invaluable tips and guides on leading a healthier lifestyle!