For many people, deciding on the right time to purchase a life insurance policy can seem like a real challenge. In fact, many younger individuals decide to forgo coverage altogether, putting their loved ones in a tough spot should an emergency arise. The experienced agents at Western States Insurance Group in Lovington, NM, want to help. Here, they share a few signs you’re ready to purchase a policy.

5 Signs It’s Time to Invest in Life Insurance

1. You Have Debt

Whether you’ve financed a house with a mortgage or still have student loan debt, you’ll want to purchase a life insurance policy. Any balance remaining on the loans after you pass away will be passed on to your loved ones, co-signers, or parents. Purchasing a policy will reduce the financial burden so they can pay the remaining balance without dipping into their savings.

2. You’re Starting a Family

You want to protect and provide for your family, but if you’re no longer there to help, your spouse may struggle to take over. A good insurance policy will safeguard your family’s future, even if you’re not there to help.

3. You Don’t Have a Lot in Savings

Accidents happen, and if you pass away unexpectedly, the funeral planning process falls to those you love. While you can allocate whatever savings you have to help cover the cost of your final expenses, it may not be enough. A life insurance policy will provide your family the funds they need to celebrate your life.

4. You Want to Leave an Inheritance

Life insurance funds can be used for any purpose, but many people choose to designate the funds as an inheritance for their loved ones. This is especially useful when you’re still establishing yourself in your career and don’t have a lot of money saved up to provide for your children’s future.

5. You’re Predisposed to Health Problems

Whether you have a pre-existing condition or a family history of illness, you know there’s a chance you will pass away unexpectedly. An insurance policy will help cover any outstanding medical bills or associated expenses should your condition worsen.

Whether you’re purchasing your first life insurance policy or need to revise your current coverage, the agents at Western States Insurance Group can help. Their dedicated team knows no two people need the same coverage. They’ll get to know your unique situation and help you find the best health, life, home, and auto insurance for your needs at an affordable price. Learn more online or call (575) 396-1318 to schedule a consultation.