Life Insurance: Necessary at ANY Age

All too often, we see advertisements about life insurance featuring people in the later stages of life.  People whose children are grown, people with empty nests, and people wanting to make sure they’re covered for burial costs and final expenses as if that’s the primary or only reason for having life insurance coverage.

While final expenses and burial costs are a very important factor when considering life insurance (the costs of these things have soared in the recent years), they are far from the only reason you need to have life insurance coverage.  Additionally, these advertisements are misleading as to who needs life insurance coverage.

Answer this: Does a young, newly-married couple need life insurance coverage?  Does the young stay-at-home mom whose husband is the primary breadwinner need her own policy?  How about insurance for the youngest child in your family who poses little risk?

Many people wouldn’t consider these scenarios a likely choice for life insurance.  Health insurance? Definitely…but, life insurance coverage?  Many think it sounds extreme or over the top.  However, we then ask the questions of what would happen to that young wife with little to no savings if something tragic happened to her young husband?  How does she cover his final expenses as well as cover her current living expenses until she can adjust?  For the stay-at-home mom, life insurance coverage means her husband doesn’t have to scramble to afford childcare in the event that he suddenly has to play both mom and dad.  As the primary breadwinner, his job is necessary to survival…but his kids have to be taken care of.  Without insurance coverage, their previous budget may not have allowed for that (often huge) expense.  Finally, we come to the concept of insuring young children.  While this decision is less popular than the others we mentioned, it’s worth thinking about.  If your child was suddenly and tragically taken by sickness or accident, do you have the extra funds to cover their final expenses?  If you answered no, then you automatically see why it’s worth having your children placed on your life insurance policy, even if it’s only for the base amount that would cover burial expenses and any final costs.

No one wants to think about life insurance, but unfortunately it’s the first thing many people have to think about when something unfortunate happens to a loved one of any age.  Make sure that you have the peace of mind knowing that you’re covered, as well as the ones you care about.  If you have questions about how to fit life insurance into your budget, or determining what kind of coverage you need for your current circumstances, give us a call.  Carroll Marshall cares about our clients, and we will help you customize exactly what you need to fit your budget and your insurance coverage requirements.

Life insurance is important…at any age.