Few people have put the experience of life more eloquently than former American First Lady Eleanor Roosevelt, who said,
- “The purpose of life, after all, is to live it, to taste experience to the utmost, to reach out eagerly and without fear for a newer and richer experience.”
It is hoped that we can all recognize the wisdom in those words and use them as a guide as we make our way through the bewildering business of life. Yet, while it pays to focus on the beautiful experiences we can have and not get bogged down in mundanity and stress, we must also allocate some time to less pleasant pursuits. As much as researching and acquiring life insurance might seem like an emotional drain, it is a perfect step towards achieving that clarity and attitude. Few actions can lift the stress of the unknown from our shoulders more effectively than knowing we have done everything possible to protect our loved ones in the event of a tragic accident or diagnosis. This article dives into life insurance and offers information, tips, and advice on how to avail yourself of the perfect policy and free yourself from worry.
Who needs life insurance?
Life insurance is an indispensable financial tool that allows individuals to provide a safety net for their loved ones in the unthinkable event of sudden death or a terminal diagnosis. Although there is no reason others should not consider it, the following are individuals who cannot afford to neglect the issue:
- Main breadwinners
In relationships where one partner provides a significant portion of the total income, the other person relies on them to survive financially. If that income is lost suddenly and no life insurance policy is in place, the remaining partner may struggle to support themselves yet still face the same expenditures and debt repayments. The right life insurance policy can help them maintain their living standards through their grief and help with long-standing debts like mortgages and others.
- Parents, grandparents, and legal guardians with financial dependents
Individuals with children for whom they are legally responsible play a vital role in much more than just their safety and emotionally supportive upbringing. Finance is needed and must be provided until they are old enough to earn money for themselves. A life insurance policy covers this and ensures they do not suffer hardship from losing a parent, grandparent, or guardian.
If the bereaved offspring are already old enough to work and earn money, the policy may also cover existing financial agreements, such as co-signed loans. It has never been more difficult for young people to achieve economic independence, as house prices have rocketed and living costs have spiraled out of control. The support of their parents may be a lifeline to many working adults, and a life insurance policy can ensure they do not encounter unmanageable financial demands when losing a parent.
- Stay-at-home spouses or parents
Even though one partner may not contribute financially to the relationship, they are vital to its success in other ways. Performing domestic tasks and caring for children are precious roles that create balance and harmony in many relationships. If the sad loss of the stay-at-home partner means these roles must now be paid for, life insurance can help cover the costs. For this reason, it is not only income providers who should consider taking out a life insurance policy.
- Small-business owners
Owning and running a small business is filled with unforeseen obstacles and costs. Losing one of the business partners unexpectedly may have devastating consequences that reverberate through several families. Life insurance can provide the funds needed for the business to continue running normally in the event of losing an owner or significant contributor. This protects employees’ livelihoods, facilitates a smooth transition of ownership and other legal expenses, and can cover any individual debts. In this case, it pays to have an in-depth discussion with your chosen provider, as the coverage and exclusions may differ significantly from standard policies and require further investigation.
- Individuals who do not want to pass their final expenses on to others
Covering your own funeral and burial costs is a fine way to alleviate the burden of unexpected expenses to loved ones and friends at an already difficult time.
Final thoughts about obtaining life insurance
None of us knows what the future will bring, but that doesn’t mean we can’t do everything in our power to protect against the negative aspects we hope will never happen. Comprehensive life insurance from a decent, reputable provider is one of the simplest ways to do the responsible thing and consider protecting our loved ones in the face of the unthinkable. It is much more affordable than people realize, and the financial security it offers your loved ones makes it worth the price many times over. The sense of relief life insurance can bring is the cherry on top that you can savor as you get back to focusing on the brighter side of life.
