- August 20, 2020
- Posted by: Siham Sheikh
- Category: Insurance
Life, in general, is extremely unexpected. Sometimes you may feel like you’re on top of the world, and other times you may find yourself in stressful situations. What a lot of us don’t expect however, are sudden, life-altering events. The most recent example being the current global pandemic. Who knew that a simple virus could affect the entire world.
With over 5.4 Million cases and 170,000 deaths, the damage done by COVID-19 is irreplaceable. Insurance companies have seen a spike in consumers’ demand for Life insurance since late February and March. More and more people are getting their lives insured to help protect their family’s financial stability.
Since the start of the pandemic life insurance demand increased by 50% But why wait for life-altering events to occur? Life insurance should be a top priority for everyone.
We’ve compiled a list of reasons why you should get life insurance:
Protect Your Loved Ones
Life insurance can give you financial confidence knowing that your family will be taken care of in your absence. Depending on your coverage amount, life insurance can help your family realize benefits such as:
- Income replacement for years of lost salary
- Paying off your home mortgage
- Paying off debts
- Providing funds for your kids’ such as their college education
- Helping with other financial obligations
It’s Not as Expensive as you Think
Many people have a false belief that life insurance is either too complicated or too expensive. In actuality, life insurance is inexpensive and much more accessible than you think. For example, a healthy 30 year old can get a 20-year life insurance policy for up to $250,000 cover for only about $13 a month. With a fact like that, it’s easier to budget for and less daunting to think about.
Life Insurance Buys Time
Often, when an income earner passes away, their families are forced to make tough and difficult decisions. They have to make the decisions at a time where they may not be in the best position to make good life choices. Life insurance helps give your family the chance to adjust over time rather than having to move to a downsized home or find a new job immediately. It also helps give your family choices by providing them with the benefits needed to help pay ongoing living expenses.
Life Insurance Provides Security When It’s Needed the Most
Your life insurance policy can help set the foundation and deliver a specified amount of money when your family needs it the most. Ensuring your family doesn’t need to worry about finances while they’re going through an emotional period of time is exactly why life insurance is so important.