Term Life Insurance has been on my mind this past month since we have recently sold our business and it’s time for me to decide what to do with my current life insurance plan. I have discussed this with my dad and my insurance agent and believe that it’s time for me to start getting some term life insurance quotes. Upon starting our business paperwork in 2016, it was necessary for me to get term life insurance in order to cover the business debt should anything happen to me before the loan could be paid off. Now that the loan is paid in full, I have been wondering if I should keep life insurance or drop the monthly payment.
In order to make my decision I have been doing a lot of thinking and after many discussions, I believe that term life insurance is a good choice for my family. Just think, how much would it cost for burial, preparations and etc should something happen to you. These funeral costs would definitely be something that I would not want to fall upon my children. What if something were to happen to you before your children were on their feet financially? I would want to leave them enough to cover my burial expenses plus help them out financially as I do now.
Here are some questions that you may want to ask yourself?
- If you are married and have young children, would your spouse be able to afford to hire a nanny to help with your children?
- If you are a single parent and your children would be left to a family member to raise, would that family member be financially prepared to care for your children as you are presently taking care of them?
- If something were to happen to you now and you are currently working to pay family bills, could your family cover your present debts or family contributions if you were gone?
- If you are a married stay at home mom, think off all the work you do that would have to be covered by another. There are just SO many things to think about!
My dad has just turned 75 and has carried term life insurance for many years. Term life insurance can always be adjusted which calls for time spent on getting term life insurance quotes. My insurance agent explained to me that I could keep my term insurance as is and if I had a life change that made me question my current coverage, then I’d just get term life insurance quotes and adjust my policy as needed. She explained that her mom has always carried this coverage, but as she got closer to age 70, she decided to change her policy coverage so that her family would have more money when her time came.
For now, I think I’ll keep my current 20 year term life insurance policy, but I will definitely make sure to get term life insurance quotes when it comes closer to the end of my 20 year life insurance policy term. By then, I will know more about how much money will be needed to take care of my family should I pass earlier than expected.
How do you feel about this subject? You should take some time to get a few term life insurance quotes. My monthly payment is currently under $50 a month and was based on my health at the time of my application. It’s definitely something I recommend looking into. It’s life, no matter how much we dread getting older, it’s just something that happens to us all. How prepared will you be when that time comes?