Asking yourself these questions might show you just how important having life insurance coverage can be.
While a whopping 86% of consumers recognize life insurance as an essential coverage, many put off getting this type of insurance for a variety of reasons. However, this procrastination doesn’t just hurt them, it leaves their loved ones at serious risk. Have you put off getting the life insurance coverage that you need? Then asking yourself these questions might help you realize just how important life insurance can be.
- Who depends on me?
While most people only start to think about getting life insurance when they have children, it’s important to recognize the other people who depend on you. For instance, if you have a partner or spouse, not having a life insurance policy can leave them at serious financial risk. In fact, 39% of all people wish that their spouse or partner would purchase life insurance coverage, and that’s just the tip of the iceberg. If you are supporting your elderly parents or your siblings, then they need the financial security that only life insurance can offer.
- What would happen if I died without having life insurance?
If you died without having the right life insurance coverage in place, there’s a good chance that your loved ones would end up paying the price for your lack of planning. For starters, your family would become financially responsible for all the outstanding debts you left behind, including student loans, credit card debt, and your home mortgage. Additionally, the loss of your income would put your family in a precarious financial situation. In fact, approximately 1 in 3 households would have immediate trouble paying bills after the loss of the primary breadwinner’s income. When you consider your family’s financial situation, getting life insurance coverage is the best way you can offer them a sense of financial stability for the future.
- Can I afford coverage?
Many people put off getting life insurance because they think it’s too expensive for them. However, consumers overestimate the cost of term life insurance by more than 250%. In actuality, getting the life insurance coverage that you need is far more affordable than you might imagine.
Looking to find the right life insurance protections to meet your needs? Then turn to the experts at Randy Jones Insurance Services in Pleasanton, California. Our dedicated team is ready to assist you with all your coverage needs. Contact us to get started today.