Life insurance is a valuable risk management tool that protects your family against unnecessary financial obligations after you’re gone. If you’re young or have no dependents, you may not need this type of coverage – but if you’ve recently had a major life event, it might be time to purchase a plan. Below are a few common scenarios when you should talk to your insurance agent about acquiring a policy.
How to Know It's Time to Buy Life Insurance
Weddings are more than just fun parties – they also symbolize your commitment to love and care for your spouse. Your partner depends on you and your income. If you pass away before your loved one, a life insurance policy will soften the financial blow of your loss.
If you’re starting a family, you’ll need life insurance. A policy will ensure that your child will be provided for even if you’re no longer around to support them. By having a comprehensive plan in place, you’ll help secure your child’s future.
3. Home Purchase
When buying a home, most people undertake a mortgage loan that lasts 15 to 30 years. This is a considerable amount of debt to repay. Depending on your circumstances, your co-owner or estate beneficiaries may be held liable for your payments if you unexpectedly pass away. To minimize the potential financial burden, have a life insurance policy that will provide ample coverage.
4. Loss of a Job
Unemployment may seem to be an odd time to consider taking on a new payment. However, if you've recently lost employer-provided life insurance coverage, your family is vulnerable and would receive no death benefit should something happen to you. Keep a private policy to ensure you’re prepared for every contingency.
For expert assistance designing a life insurance policy, contact Crothers Insurance Agency in Rising Sun, MD. This family-owned and -operated firm has been serving clients in Cecil County for more than 85 years. They specialize in home, life, business, farm, and auto insurance, and offer invaluable guidance when it comes to protecting what you value most. Visit them on Facebook for updates, check out their website for more information, or call (410) 658-5200 to request a quote.