4 Reasons It is Important to Buy a Term Life Insurance Policy Now

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Some people believe it’s unnecessary or too costly for them to purchase a Term Life Insurance policy.   However, there are some great affordable policies currently on the market and, in these tough financial times, it is particularly important for people to look to making the move now to buy Term Life Insurance. 

Some reasons why it’s important to buy a term life insurance policy now:

Provide for Dependents

Buying life insurance is vitally important for families.  The latest report from the U.S. Department of Agriculture estimates it costs $226,920.00 to raise a child from birth to age 18.  This is 40% more than only a decade ago.  The money provided by the policy replaces the money provided by a family’s breadwinner in the event of his or her death.   In these tough economic times, it will be difficult, if not impossible, for a spouse staying home with small children to easily re-enter the workforce in the event of her spouse’s death.  Also, in the event of the death of a single parent, family members who act as guardians for the children will need financial help. 

 Better to Purchase Insurance While You Are Young

Even if you don’t currently have dependants, it is important you take the step to buy term life insurance while you are young.  Purchasing term life insurance at a younger age will result in cheaper quotes for premiums providing more coverage.   A 35 year old can pay only $15.00 per month for a policy while a 50 year old can pay as much as $45 a month for a policy with the same coverage amount. 

 Do It While You are Healthy

The state of your health has a direct impact on how much you will pay for life insurance.  If you purchase a plan while you are healthy, premiums will be cheaper.  After a diagnosis or a health crisis, premiums will be considerably higher or you might be unable to secure coverage. 

Provide for Payment of Any Final Debts

Although it can be uncomfortable to think about, there are also costs associated with your death.  Costs for a funeral in the United States usually range from $6,000.00 to 12,000.00.  This is a considerably sum for your family to have to pay and struggling to pay this expense can result in added stress and heartache during an already stressful time.  Additionally, you may leave other debts that can be paid by a term life insurance policy such as credit cars or car payments, which would otherwise be a burden on those left behind.

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