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You may have found yourself wondering, “Do I need life insurance?” The answer for most is yes. We can help you sift through the options and compare different coverage and rates in just minutes.
Who needs life insurance?
Everybody could benefit from investing in life insurance, but because the process can seem overwhelming, it’s an important step people put off. Whether it’s not knowing what kind of life insurance is right for you—such as term life insurance and permanent life insurance—or you’re just not sure where to begin, we can simplify the process and help you better understand what policy might be right for you.
Why do I need life insurance?
If anyone else is relying on your income or your loved ones could be left with unexpected bills and payments if you were to pass, then you should be considering life insurance. Additionally, people who fit the following profiles typically look for life insurance coverage:
- Recently married
- Just bought a house
- Starting a family
- Business owners
- Recently married
- Just bought a house
- Starting a family
- Business owners
Life insurance is a fundamental aspect of your financial plan. The more people who depend on you and your financial support, the more important life insurance is. In the event of your passing, your life insurance payout can replace your income, helping your dependents cover expenses and continue to plan for the future.
Whether it’s daily expenses, paying off the mortgage or other debts, paying for college, or planning for retirement, your life insurance policy provides financial security and peace of mind.
Who needs life insurance the least?
Though almost everyone can benefit from having life insurance, there are a few cases where people may not need as much coverage as those listed above.
- Single with No Dependents – If you’re young and single with no one depending on your income, you might not need substantial life insurance coverage yet. It’s important, however, to consider those who might need help covering any end-of-life expenses or outstanding debts, such as school loans or credit card payments. We can help you weigh out your life insurance options to make sure you have the right amount of coverage for your needs.
- Retirees and Almost-Retirees – If you haven’t yet bought a traditional life insurance policy by this point in your life, the timing may not be ideal as the price increases as you age. You might, however, benefit from no medical exam insurance or final expense insurance.
- Children and College Students – Because children don’t typically provide an income to their families, there might not be a need to buy a life insurance policy on your kids. The same goes for the majority of college students, unless they are helping support the family financially.
What happens if you die without life insurance?
If you were to pass away without life insurance, your family—at the very least—would have to foot the bill for any final expense costs or outstanding bills and debts. It’s definitely not comfortable to think about, but it’s important to consider when you’re planning to purchase a life insurance policy.
Buying life insurance is a way to ensure your family doesn’t suffer any financial burdens on top of the emotional challenges that come with losing a loved one. Life insurance is truly one of the best gifts you can give your family, and we can help you figure out what amount and type of coverage is right for you.
Still have questions? We’re here to help:
Let SelectQuote Help
The idea of shopping for life insurance can seem overwhelming, but at SelectQuote, we make it easy. We will learn what your needs are and then compare coverage and rates from some of the most trusted insurance companies in America in just minutes. Life insurance is an investment that can give you peace of mind.
