When to Purchase
Below are some situations in which you may consider purchasing life insurance coverage.
- You have an established family – If you have children who depend on you for financial support, you should consider purchasing life insurance, regardless of whether you have a spouse or not. This coverage may provide for your children’s needs in the event of your death.
- You are starting a family – If you have just had a child or are planning to have one very soon, purchasing life insurance coverage is a good idea. As with established families, new families may rely on this coverage to make up for some or all lost income if you pass away.
- You have a spouse but no children – If you have a spouse but no children, you may or may not need life insurance coverage. If your spouse depends on you for income, purchasing life insurance may be necessary. However, if your spouse would be fine with his or her own income, you may not need to make this investment.
- You are a young single adult – As a young single adult, you may not need life insurance to provide for a family member. However, if you think you may need coverage in the future, it may be wise to purchase life insurance while you are young, as it tends to be less expensive. In addition, minimal coverage can be obtained to provide for final expenses.
- You own a business – If you own a business and other people rely on you for income as a result, you may want to purchase life insurance to provide for the business in the event of your death.
- You have debts and valuable assets – If you have debts, such as a mortgage or a student loan, as well as assets that you want to pass on to heirs, you may need life insurance. Without life insurance, your assets will be sold to cover your debts. An adequate life insurance policy will pay off these debts and allow your assets to pass to your loved ones.
What If I Can’t Afford It?
Many people put off purchasing life insurance because they’re afraid they won’t be able to afford it. However, if you have people who depend on you financially, living without life insurance can be risky. In many cases, life insurance may be less expensive than you think. With Sproutt, you can get no-obligation quotes, so you can explore your coverage free of charge and without commitment. Even if you obtain a quote for the policy you need and you find that it costs more than you can afford to pay, you may be able to purchase a smaller policy for a shorter term until you’re able to afford a larger one.