Insurance is a curious thing. We don’t ever think about it until we need it. There are some insurances that we can’t get away from even when we’re not thinking about it. Car insurance is mandatory in almost every state in the nation. Most people have some kind of health insurance, with some of the payments taken directly out of your paycheck.

Life insurance is a different animal. I never thought about getting life insurance until I got married because I didn’t think there was any reason to have it. Of course I’ve learned better now and wish I had established something much earlier in my life. Turns out there is definitely a need for life insurance beyond what most of us think, although it’s mainly for those we care about. But not entirely, and we’re going to explore that as part of the 5 reasons you need life insurance.

1. You need life insurance to protect your family when you’re gone. No matter what your income level is, your family is going to need a financial boost if you’re suddenly gone, or even if you live a long life. Young people also need life insurance for more than one reason, which is coming up next.

2. Life insurance helps your family pay for your burial and other expenses. Funerals can be costly and if you’re like most people, there will be some debts owed when you’re gone. If you have any kind of estate whatsoever it will be claimed by some of your creditors, and some of your debts might have to be paid by your family members. With enough life insurance, it would help pay off those debts and be a great relief to your family.

3. It turns out there are great benefits to buying life insurance early in your life. The older you get, the more it costs you on a monthly basis. Also, the older you get the more apt you are to develop some kind of illness such as diabetes or high blood pressure, and if you decide to get it then it will not only cost you more, but some insurance companies will turn you down. If you buy whole life insurance and pay extra early on, you’ll reach an age where you never have to pay again because it will self fund, and it’ll happen at a much earlier age than if you decide to wait.

4. Some life insurance policies allow you to borrow against them and pay back into them without hitting you up with a high interest rate. It’s an interesting way to build up resources and act as your own bank. As long as you pay it back, no penalties ever have to be paid.

5. It’s easy to research life insurance and its premium prices. You can get online life insurance quotes easily enough, or you can wait to run into a life insurance agent, since they’re all over the place. Doing research online first helps you establish an idea of how much you might have to pay, and you can even buy it online as long as you don’t have any health issues. Sometimes if you talk to an insurance agent live you’ll have trouble understanding what they say, so it may take meeting with them a few times (or a few years, as was my initial problem) before it makes sense to you.

No matter your age, life insurance is important for you to have; trust me, start checking into it today.

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