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Many American adults have some form of life insurance through their employer. This can come in varying amounts, with one to two times the employee’s annual salary being common.
However, this basic level of protection is often not enough, especially for young people who still have years, even decades, of earning potential (and the bills that come with aging).
So unless you have a solid coverage plan as part of your job, you probably need more life insurance. And if you don’t any life insurance from your employer, you must act quickly.
Consider talking to a life insurance expert today who can get you started with a free quote so you know exactly what to expect.
3 signs you need to buy life insurance now
Whether you get twice your annual salary from your job — or you don’t have any life insurance — here are three signs that you need to get life insurance now.
You have a family
You may be able to skimp on life insurance if you’re single and no one is counting on you. But if you are married and have children (or single and have children), then most financial advisors agree that you should have a substantial life insurance policy in place.
This is especially true if you are the sole breadwinner at home. You don’t want to leave your family with bills to pay and no way to pay them. A large life insurance payout to your beneficiaries can avoid this result. And if you act fast, you could end up paying a cheaper rate than if you had waited.
Work with a life insurance adjuster now who can tailor a policy to your needs.
You are young
When it comes to life insurance, there’s no better time than now. This form of insurance will only get more expensive as you get older, so if you’re young, it’s best to act now.
Many young adults think they won’t need life insurance until later in life. But this is not true. There are many reasons why young people should buy life insurance – with cost at the top of the list.
So act now – while rates are low and before health issues arise that could affect your chances of getting a low rate.
You have a debt
How many years do you have left to pay off your mortgage? What about your student loans and credit card?
If you have large debts, you will want to purchase life insurance. If you don’t, when you die, some (if not all) of your debt will be transferred to other members of your family.
Certainly, some of these situations can be avoided (if your family decides to move and sell your house, for example). But the advantage of having a solid life insurance policy is that it can maintain the standard of living of your beneficiaries.
Consider what you owe now – and might owe in the future – and build up an amount of life insurance coverage that will protect your loved ones.
The bottom line
The benefits of life insurance are multiple and significant. If you fall into one or more of the above categories, get started today. A life insurance expert can help you build a cost-effective and reliable protection plan.