When you map out your financial plan are you forgetting to add life insurance to it? It can be an easily forgotten thing.
The thought of working toward your financial goals, making an investment strategy, or even a plan of attack for your debt can feel much more motivating than taking the time to find and purchase life insurance.
But the truth is, insurance is a must-have for a solid financial plan. Insurance is what protects you and your family in the event of a catastrophic loss, it’s not something you want to be without.
Plus, there are many benefits of getting life insurance now rather than waiting until later.
Life Insurance is Generally Less Expensive the Younger You Are
Term life insurance isn’t a terribly expensive product to begin with. (Assuming you’re young(ish) and healthy.) But the benefits of getting it sooner rather than later can add up to significant savings.
With term life insurance you’re buying the insurance for a certain period of time or “term.” When you buy your term insurance you’re locking in your rate for the duration of the policy.
Let’s say you’re 28 years old and healthy. If you lock in a twenty year term the insurer sees the chances of having to cash out that policy pretty low. But what if you wait another ten to twenty to years to get that insurance? The chances of your family needing to use that insurance raise and so does the premium.
Life Insurance Gives You Peace of Mind
What’s worse than working hard toward financial stability or even financial freedom and then having a catastrophic loss and barely being able to make it or having to file bankruptcy? This scenario happens to uninsured people all the time. This can be caused from being without health insurance (hello huge unexpected medical bills,) homeowner’s insurance, auto insurance, and life insurance.
If you or your spouse were to pass would the other of you be able to make it? Do you have a lot of debt that would fall on a family member if something were to happen to you?
God forbid, but if something did happen to you do you really want your family to have to worry about money in a time of such pain? I know I wouldn’t want to leave my family in that kind of position.
Getting Life Insurance Quotes is Super Easy
If you don’t have life insurance now is the time to check out your options. We’ve talked about Quotacy before but I want to show you again how incredibly easy it is to get life insurance quotes with them.
# 1 – Visit Quotacy.com and Click “Get a Quote”
# 2 – Fill Out the Short Form and Click “Show My Price”
# 3 – Get Preliminary Results and Adjust as Needed
After adjusting the level of coverage and term duration click “find best policy.”
# 4 – Fill Out the Personalization Form and Find Your Best Policy
Next you’ll be taken to a screen to fill out a short personalization survey. This survey will ask your height and weight, tobacco usage, heart health, and a yes or no family medical questionnaire. It takes about thirty seconds to complete and you’ll then be shown the companies who can offer you the best rates.
# 5 – Choose Which Policy You Want and Fill Out the Pre-Application
If you find a policy you want to buy click “choose” and you will then be taken to the pre-application.
Seeing your life insurance options and getting the best price really is that simple. Aren’t you even a little curious what kind of rates you could get?
Don’t Forget Insurance When Making Your Financial Plan
I’ll admit insurance is not the “fun” part of making a financial plan but it IS the backbone of any good financial plan. Like it or not, you can’t predict the future. But knowing that you’re adequately insured can help you have peace of mind and will be the foundation of your financial plan.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.