5 Signs That You Need Life Insurance

iQuanti: We’re often told that when we become adults, we should start looking into getting life insurance. However, what if you don’t have a family, children or a job? Regardless of those factors, you may still want to consider getting insured with the best term life insurance. Here are five signs that can help you determine if you’re ready.
1) Others Depend on Your Income
Think about what would happen if you were no longer here to provide for your family. Not only would they have to deal with an emotional loss but a financial one as well. There will be a significant cut to the annual household income, and the surviving spouse would have to figure out how to pay for basic life necessities (rent, food, utilities, etc.) on just one income.
For this reason, most financial experts recommend that every working adult have a life insurance policy equal to 10 to 12 times their annual income. This makes life insurance a means of income replacement. The death benefit would be equivalent to receiving 10 to 12 more years of earnings as if you were still here providing for your family.
2) You Have Children
In addition to providing for your family’s immediate needs, think about what life will be like for your dependents as they mature into adults. At some point, they may need help paying for major expenses such as college, moving out of the house, and getting married. 
Most people naturally plan on helping their children by covering some or all of these costs. However, this may not be possible if unforeseen circumstances strike and you’re no longer here. Hence, the death benefits from a life insurance policy can serve as a substitute.
3) You Have a Mortgage or Other Debt
A mortgage will be one of the largest debts most people take on during their lifetime. Unfortunately, if you are no longer here to make the mortgage payments, this could put your surviving family members at risk of losing the home. A life insurance policy could provide protection by giving them enough money to pay the mortgage in full, thus eliminating one of their most significant monthly expenses.
4) You’d Like to Be Prepared
Suppose you work in an occupation that puts your life at risk (more than others), such as working around heavy machinery or in security. Even if your occupation doesn’t put you in danger, what if you have a long daily commute on the expressway? No one knows what will happen to them on any given day, so having a good life insurance policy in place helps ensure you’re prepared for whatever may happen.
5) You’re Being Responsible
Funerals are extremely expensive. Between the cost of preparing the body, buying a casket, and the burial service itself, the total price tag can be tens of thousands of dollars. 
Even if you are not married or don’t have any children, consider who would have to pay these expenses in your absence (such as your parents). Rather than burden them with this expense, be responsible and take out a small policy on yourself. 
The Bottom Line
If you’ve got a family that depends on your income or debt of any kind, then you’ll definitely want to get life insurance. A term life policy is a simple and affordable way to provide for your loved ones and cover their expenses when you’re no longer here. Not only is it responsible to have one, but you’ll also have peace of mind knowing that you’re always prepared for anything that happens.
Source: iQuanti