Monday, October 24, 2016

I Dont Have Children – Whats The Point In Getting Life Insurance?

I Dont Have Children – Whats The Point In Getting Life Insurance?


dont children whats point getting I Dont Have Children   Whats The Point In Getting Life Insurance?

Most of the time, when people think of life insurance they think of something that is designed to give money to the family of the policy holder after they die. This can be a reassuring idea for those who are the main breadwinners or sole providers for their spouse and children, because they know that should anything happen to them there will be a replacement for that income to prevent them from getting into immediate financial difficulties.

But Nobody Depends On Me!

However, there are plenty of people who this doesn’t apply to. If you are single and don’t have children, are in a childless couple and your spouse has a perfectly good income of their own, or your children have grown up and don’t depend on you financially you may wonder if there is any benefit to life insurance for you at all – after all it does mean paying out money each month that you’ll literally never see again in your lifetime! If you have a lot of savings and assets you plan to pass on to your heirs when you die, you may also think that life insurance is unnecessary because they’ll be getting those instead (subject to taxes!).

There are a few reasons why a life insurance policy may still be worth having, even if there is nobody who stands to be put into significant financial hardship when you die:

Some Expenses You May Leave Behind

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Like everything these days, death can be expensive. When you die, somebody will have to take care of your funeral costs and the admin that comes with dividing up your estate. In certain circumstances, you may die with outstanding medical bills that will need to be paid if they’re not covered by an existing health insurance policy, and you may also die leaving behind debts and financial commitments that don’t simply “go away” just because you’ve died.

How Much Do You Need?

dont children whats point getting2 I Dont Have Children   Whats The Point In Getting Life Insurance?

While the costs associated with all of this will vary, in most cases it isn’t going to be a huge amount to cover your funeral and any legal costs. But, it is still best to arrange for it by getting a life insurance policy with an appropriate pay out allocated to whoever you think would take care of your death expenses – this could be your spouse, or even a parent or sibling depending on your age. If you have any debts to consider as well, then a life insurance plan that will leave behind enough to pay these off will mean you don’t inadvertently saddle your next of kin with a huge debt.

Consider Changing Circumstances

It may be worth considering that situations in your life may change during the duration of your life insurance policy. If you become seriously ill, you may find it hard to get an affordable policy at that time, and you may regret not having had one in place. Insurance is all about preparing for what might happen, so the best time to start thinking about something like a term life insurance policy can often be when you need it least!

Today’s guest post is contributed by Ivan Thomas. He is a life insurance agent by profession. In his opinion, having a policy cover for oneself is of paramount importance and does his bit to inform people about its importance via his articles.


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