When you saw your parents getting old, when you married the love of your life, or when your first baby was born, did you take an oath to protect them and keep them happy till your last breath?
But what happens when you’re no longer around? We know it can be frustrating to think about death when you’ve just begun to live, but being prepared is better than leaving your precious loved ones in a financially unstable and distressful state.
Though money will never replace you, it will undoubtedly continue to support your family, just like you promised.
To clear your doubts, we’ve covered three critical reasons why you should invest in a term life insurance as soon as possible.
Term Life Insurance Is Relatively Affordable
Most people are reluctant to purchase insurance coverage because of the high premiums and purchase rates. Term life insurance is excellent for people with limited budgets because of it’s affordable cost than many whole life insurance plans.
With a business to run and a family to look after, it’s smart to find ways to cut down expenses. You can easily purchase a 20-year term life insurance plan for as low as $29 per month! It’s so pocket-friendly that you might not even notice when the premium is withdrawn from your bank account.
If You Have Aging Parents Who Rely on You for Financial Support
If you have loved ones whose lives depend on your income, you need life insurance coverage.
According to an AARP report released in 2018, over 6.2 million young Millennials are taking care of their old parents, in-laws, or grandparents. If you’re acting as a caregiver for your parents too, it’s viable to purchase a term life insurance when you’re still in your 20s to ensure their protection and financial stability when you’re not around.
You’re in Debt
What happens if you have loan payments to make, and something unfortunate happens to you? If you’d have term life insurance coverage, your beneficiary will be left with enough money to pay back all your outstanding loans in full.
Some of the biggest liabilities for people living in the United States are mortgages and student loans. If you’re buying term life insurance coverage for these liabilities, it’s essential to choose a coverage amount that is a bit higher than your liability amount, the same goes for your income.
If you have a federal student loan, you won’t be liable for it after death. But for a private student loan, term life insurance is essential.
Now you know of a term life insurance plan for you and your loved ones. If you want to further learn about how to pick the best term life insurance plan in FL, get in touch with the life insurance brokers in Pinellas County at IFG Insurance Brokerage.
Call us at (800) 381-1245 for a free quote today!