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6 simple reasons people may need life insurance

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6 simple reasons people may need life insurance -

Many people make the assumption that life insurance is for married couples and those with children. It is true that every single need life insurance, there are a number of reasons when it can do (really) good sense.

1. You have a student loan debt. Many people assume that your debt dies with you, but this is not always the case. While lending by the federal government are discharged (aka forgiven) if you were to die, personal loans have a cosigner usually do not. This means that if your parents, for example, co-signed your student loan by a bank, they would be responsible to pay the remainder of the loan if something happened to you. There are cases where the bank has called for the loan to be paid in full immediately after death. You do not want to let your parents deal with grief and loan payments.

2. You live with your significant other. financial responsibility when you live together, much is shared. Consider this example: You need both your income to meet the mortgage or rent where you live. Have you thought about what happens if one of you dies prematurely? Is another partner obliged to sell up? Find a new place to live immediately? And this is just one example of many shared financial responsibilities couple. adequate life insurance is an easy answer to these questions.

If your parents co-signed your student loan through a bank, they would be responsible to pay the remainder of the loan if something happened to you.

3. You are planning to have children ... someday. It may not be now, but when children come, as expenses and bills. According to the USDA, it costs $ 245,340 to raise a child of 18, and that is without considering the cost of college. Get life insurance in place now means that you have the coverage in place when you have a child. In addition, you protect your insurability for the future. ... And that brings us to the following reason.

4. You are young and healthy. The age and health are two main factors to how much you pay for life insurance. Why not block a lower price if you have both of those who work for you? Did you know that the health of 30 can get a 20-year $ 250,000 term life insurance policy for about $ 13 a month? Doable, right? Do not expect a health problem or age puts life insurance out of your reach.

5. You know you'll take care of family members in the future. This may mean aging parents or maybe you have a special needs sibling that help you care and support financially. What would happen to them if something happened to you and your support gone? Life insurance can ensure that there is money in place to fund these requirements in the future. This is where it might be wise to consider a permanent life insurance policy (one that is there for your life, as long as you pay your premiums).

6. It will pay for your funeral. Nobody likes to think about such things, but the truth is that if you die, someone will pay for your funeral. You would not let your parents, partner or other family members struggling with the pain and to pay for a funeral and burial, which can cost an average of $ 7,100.

Get life insurance does not have to be a daunting task. A life insurance agent can guide you through your options-free. If you do not have an agent to work, click here for more information on finding the right person and in your area.

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