Many people wait until a major life event prompts them to get life insurance coverage. But planning now can help you lessen or even prevent financial stress in the future. You’ll never be younger than you are today, which makes it more likely you’ll be approved for coverage and locked in at a lower rate than if you wait. And life insurance can do more than just protect your family from the unexpected—the right product can also help you pay for milestones while you’re still around to enjoy them and provide you funds for an emergency.1
2. Insurance through your employer is a nice benefit, but it’s incomplete
If you work full time, chances are you have a group life insurance plan through your job. It’s a perk if your company offers life insurance, but it’s also important to know exactly what that benefit provides and what its limitations are. For example:
- The policy may only offer a limited amount of coverage that won’t adequately protect you and your family.
- Many group policies aren’t portable, so when your employment ends, so does your insurance coverage.
- Your employer owns the policy—not you—and they can change the terms of your coverage at any time without consulting you.
- Depending on the terms of your group plan, you may not be able to increase coverage when you experience a major life event, such as getting married, having a child or buying a home.
Even if you have life insurance through your job, it’s important to have supplemental coverage that belongs to you no matter where you work.
3. Leave behind cherished memories, not stress and debt
The median cost of a funeral with visitation and burial is $8,5082, a number that is projected to double over the next two decades.3 If you don’t have adequate insurance coverage when you pass away, your loved ones will have to pay for your funeral, as well as your mortgage, car payments and other debt you may owe. But if you do have adequate coverage, they will be free of those financial worries and can focus instead on celebrating your life through their memories as they move their lives forward.
4. It’s not as expensive as you may think
Depending on certain factors, such as age and health, you may be able to get coverage for less than the cost of one dinner out each month.4,5