Life insurance is a contract that allows you to name a beneficiary to receive a specific amount of money in the event of your death. This type of insurance may be purchased at any time during your life. If you have people who depend upon you financially, life insurance is a must have.

Replace Your Income

If you should pass away leaving your children and spouse without your income to help pay for living expenses, they may have to sell belongings or move to a smaller home. When you take away the income of one spouse, your family’s financial security may be endangered. A life insurance policy can provide a source of income equal to or above your earnings.

Assist Your Children with College

When you die without life insurance, you are not only denying your family of a regular income, you are also taking away the possibility of savings and investments that could allow your children to attend college. A life insurance policy can help your children or even your grandchildren to pay for the costly burden of higher education.

When to Buy

It is best to buy life insurance as soon as possible. The type of policy you can sign up for, the amount your family may receive, and the premium you must pay will all depend upon your health and life expectancy. If you are younger and healthy, your premium may be quite low, because it is assumed you will have many years to pay into the policy. If needed, you may wish to quit smoking or lose some weight to further reduce your premium and extend your life expectancy.

If you wait too long to get a life insurance policy, you may be denied or your premium might be quite pricey. To ensure that your family has an extra source of income after you are gone, look into life insurance immediately.

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