When Should You Consider Life Insurance?

For many adults, there comes a point in which you may be asked to consider a life insurance policy. One, on a general level, may financially assist your loved ones or business in the future; but when is having this policy essential?
If You Have a Financial Commitment
If someone depends, or will depend, on you financially in the future, life insurance assists them with expenses after you’ve passed on. Often, this scenario occurs within a family – between spouses, parents and children, or adult children and elderly relatives. The policy’s funds will cover everyday costs, as well as mortgages and college.
Care Taking
Are you now caring for a family member, or plan to in the distant future? From your children to elderly parents, adult caretaking responsibilities these days span across multiple generations. Along with the financial obligations listed above, using life insurance helps ensure your loved ones continue to be properly cared for when you are no longer able to do so.
Health Issues
While not an immediate issue, life insurance helps anticipate future health concerns. What can it do? If you find yourself diagnosed with a life-threatening condition, you can start receiving money from your life insurance policy instead of depleting your savings.
Retirement
Some consider life insurance part of end-of-life planning. However, life insurance policies also offer short-term benefits. Retirees can utilize the cash value that accumulations inside the policy as a supplement to retirement income from 401(k)s, pensions, and Social Security.
After a Life-Changing Situation
Some experts recommend starting a policy after you’ve gone through a major life event – particularly, if you’ve gotten married, or are anticipating having children.
If you’re young or envision yourself single long term, a life insurance policy may seem like an unnecessary expense. However, if you’re planning for the distant future – children eventually, caring for elderly parents or providing for loved ones in the event of an untimely death– you may want to begin your plan when you have a steady income and the means to do so.
To explore your options turn to Ion Insurance. Learn about what type of plan might be best for you and how a life insurance policy may protect you and those you care about by contacting one of our agents.