Should you buy life insurance if you have no money?
If you’re currently struggling financially, whether in debt or just going through a rough time, you might be wondering whether or not life insurance is worth it. For example, you might just see this as another payment, another outgoing to deal with each month. However, if you’re currently struggling or trying to pay debt, then investing in life insurance could be one of the best things you do today.
So, with this in mind, this blog post will discuss more on life insurance, including why you should consider purchasing a plan!
Protect your loved ones from your debts
If you are currently in debt, whether student loans, credit card debt (or others), if you are unexpectedly to die, your loved ones and family members may be left to pay these. This can be troubling and quite the surprise for your loved ones. However, if you take out a life insurance policy, this can provide partial or full coverage for these debts, paying these off if you do unexpectedly die.
This fills you with the reassurance of not creating a burden once you’re gone, allowing you to focus on the present, instead of the worst that could happen.
Help pay for funeral expenses with life insurance
Nobody likes talking about death – it’s a downer and it can be quite the mood killer. However, with the correct life insurance policy in place, if you are to die, your insurance is likely to cover your funeral costs.
Without an insurance policy, your children (or others) may be left to pay for the funeral either with inheritance money or alternatively, out of pocket themselves. This creates further financial stress – a situation which we actively try to avoid.
If you’ve just gotten married, life insurance is important
If you’ve recently just gotten married, then you may wish to set up either a joint or a single life insurance policy – even if you have little money to your name. This is beneficial for numerous reasons, but mainly allows you to protect your partner and your family in the event of an unexpected death. For example, insurance may cover funeral costs, inheritance to your children, or the paying off of other debt, perhaps even your wedding.
Talking about life insurance is not an easy subject. However, take the time to assess the right life insurance policies today and never worry about it again – be present with all the financial protection you need. For more information, contact us today.