We humans, like all creatures, are hard-wired to avoid discomfort, and thinking about the end of our days is uncomfortable. Because of this, we tend to put off making plans surrounding our death, including life insurance, for far too long. Don’t make the mistake of waiting until it’s too late to provide for the needs of your loved ones and your estate after your passing.
As is true with many other financial decisions, buying life insurance sooner rather than later is a wise choice. Life insurance premiums almost always cost less while you are young and healthy than they do as you age. Some types of life insurance benefits accrue over time, so the earlier you start paying into your policy, the better.
Reasons You May Need Life Insurance
You should consider getting life insurance coverage if any of the following conditions apply to you:
You’re married, have children, or are planning to do so
Especially if you are the primary breadwinner for your family, you will want to be sure that your family members are taken care of. Your spouse and/or children should not have to struggle financially after losing you. You can help them remain secure and provide for their housing, bills, education, and other living expenses by investing in life insurance.
Your parents or others depend on you for their support
Taking care of your elderly parents or other dependents is a huge responsibility. If the worst should happen and you are unable to continue looking after them, your life insurance benefit can go toward meeting their needs as well.
You participate in high-risk activities
It should go without saying that if you choose to participate in extreme sports or other high-risk activities, there is always a chance that an accident could happen. Being adequately covered by a life insurance policy can help you be more fully present and engaged in the moment when you’re out living your best life. When you’re rock climbing, snowboarding, sailing, or whatever your passion is, you want to be able to commit as much attention as possible to what you are doing, not be in any way distracted by what the repercussions might be if there’s an accident.
You have a substantial amount of debt
Some types of debt are erased when you pass away, but not all. Private student loans are a notable exception. While federal student loan debt is forgiven upon the death of the lender, it is up to the financial institution whether they choose to forgive private student loans or not. If you are planning to leave an inheritance to your children, spouse, or others, don’t let your debt stand in the way of them receiving what’s rightfully theirs. Life insurance can cover your debt obligations so they’re not taken out of your estate.
Your job puts you in harm’s way
Worker’s compensation is only required to pay a portion of your funeral expenses if you are killed in a workplace accident. It does not provide any benefit to your living relatives or dependents. If you have a job that deals with heavy equipment, extreme temperatures, dangerous chemicals, or countless other high-risk components, you should look into getting life insurance as soon as possible.
You work for yourself or own a small business
You’ve likely worked hard to build up your own company. Whether you’re a sole owner or partner, it would be a shame to see your business flounder without your contributions. Your life insurance benefit can help to cover business expenses and keep your company afloat if you pass away unexpectedly.
How to Choose a Life Insurance Provider in Louisiana
Navigating the various types of life insurance can be somewhat complex. It’s best to find an agency with an established reputation for excellent personalized service and a caring, compassionate touch. Thomson, Smith & Leach Insurance Group are leading life insurance agents in Lafayette, Abbeville, and Franklin, LA for exactly these reasons. Contact us today for a free consultation or a free quote.