The Most Important Reasons to Have Term Life and Life Coverage

Regardless of your age or income status there are several very important reasons to invest in life insurance. The cost of the insurance is typically far less than most people realize and there are a variety of term life and supplemental types of insurance policies for people over the age of 18. There are also special insurance options for those over the age of 50 and up to the age of 79, allowing you to get started in a policy even after retirement.

If you have children or a dependent spouse, partner or family member, then having life insurance is a must. These individuals are relying on your income to be able to continue to live a comfortable life. If you are injured, become terminally ill or if you die without having insurance the financial consequences can be devastating. The family or individual may have to move, give up things they love and enjoy and perhaps not be able to go on to school or a professional training since money will always be an issue.

Anyone that has any type of debt in credit cards, student loans, home mortgage, car notes or personal loans should always have term life coverage. This provides your beneficiary with the funds needed to cover the cost of those debts without having to go into savings accounts or other personal investment accounts. In some situations even if you do have substantial savings or investments it is still a good financial decision to have enough insurance for at least three to five years of living expenses as well as to pay off any of those larger debt items. This allows your family, partner or spouse to continue to earn interest on the savings and investments, protecting their long term financial picture.

The benefits from life insurance are a way to continue to give and provide for your family in a variety of different ways. If you are diagnosed with a terminal illness or a serious illness or become totally and permanently disabled you can also have supplemental coverage to allow you to continue to provide for your family through very difficult times. This money can be used to remodel or make your home handicap accessible, again prevent you from having to use all your savings and investments during this critical time.

Even in those situations where your spouse or partner may actually have a larger income than you do or if you work only part time and your income isn't used directly in paying the house bills, the loss of that income will have an impact. This is true if the surviving spouse has to pay for daycare or has to pay for live in care for you if you do become disabled. At the very least your spouse will have to use some of his or her income to cover the costs of what your income paid for, which does definitely cause a decrease in the amount of disposable income for the family.

Having term life cover is one of the most forward thinking and responsible things that you can do for your family. Life insurance is not a costly type of insurance, especially if you start the policy when you are still working and are fairly young. However, even as a retired person or a part time worker it is still important to have this valuable safety net in place for your family and loved ones.