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A young couple discusses when to buy life insurance with an agent

It’s impossible to know how your future will unfold, and how to account for that fact with your loved ones in mind. So what would your family and loved ones do without you? Even though it’s a daunting question, it’s an important one to consider. Fortunately, there are ways to help financially protect the people you love. Term life insurance can help account for some of the biggest “what ifs” in life. So when is a good time to look at term life insurance options? If you are wondering when to buy life insurance, here are some different scenarios in which term life insurance would be a good choice for you.

When should you buy term life insurance?

A low risk of death, but high status of responsibility, is a good reason to choose term life insurance. Although life insurance may seem like a heavy expense for a younger person, if you’re carrying a lot of financial weight for your family it may be a wise choice.

Since term life insurance only covers you for a designated amount of time, you could purchase life insurance for only the period of time that your family is financially dependent on you. For instance, let’s say your kids will only be at home or in school for two more years. You could purchase term life insurance for just this amount of time and gain peace of mind knowing that they would not be as financially stressed in the event of your passing. Even if you don’t have children, there are circumstances where a single person would need life insurance too.

Always research an insurance provider’s services to find the best options for you. If you need flexible payment options and something that can fit into your budget, make sure you choose a provider that will work with you. Never settle for less when it comes to protecting those you love.

When to Buy Life Insurance

Here are five scenarios when it may be time to buy term life insurance.

  1. You’re taking care of your loved ones.

It’s a tough question to fact, but if you are the primary financial provider for your family, what would happen to them if you passed away tomorrow? Would they be able to pay for household expenses or for your final expenses, etc.? Term life insurance benefits can help ensure the financial safety of your family.

  1. You want to provide for your kids’ future.

If you’re a parent, your focus is always on your kids. But what if the unthinkable happens and you’re not around to help pay for their school tuition? If you’re worried about providing for them when you’re gone, you could feel better knowing a term life insurance policy could help provide for your kids. And depending on the amount you purchase, life insurance benefits could help provide for your kids’ school bills and tuition down the road.

  1. You’re worried about paying off loans and debt.

What if you have outstanding loans or other debt to take care of? Whether you’re looking at the possibility of leaving behind future house payments, car payments, or student debt, term life insurance is a good way to help your loved ones take care of those payments when you’re gone.

  1. You could leave behind unforeseen expenses.

What if you were to suddenly get sick, leaving your family with medical bills if the worst should happen? Term life insurance could help pay those bills, taking some of the pressure off your family during a difficult time. And there are even some term life insurance options that don’t require a medical exam before verifying coverage, which makes getting a term life insurance policy that much easier.

  1. Your family couldn’t pay for a funeral out of pocket.

According to the National Funeral Directors Association, the cost of a funeral can range from about $6,971 to $7,848, depending on the type of funeral and where you live. If your family would have a hard time paying for a funeral without your income, take steps to make sure they’ll have the means to meet that financial need.

How does term life insurance work?

Now that you know when to buy life insurance, let’s go over a few details. Term life insurance works like this: first, choose a policy amount. This is the amount your beneficiary or beneficiaries will receive in the event of your death, as long as the term of your policy has not lapsed.

Then, choose a policy term. This is the window in which your coverage will be in force. Different insurance carriers offer different term periods anywhere from one year to 30 years typically. As long as you pay the premium during the term, your term life insurance policy will stay in force and your beneficiary or beneficiaries will receive the proceeds from your policy, usually tax-free, in the event of your death.

So How Do You Get Term Life Insurance?

Term life insurance rates may be more affordable than you think. Start by talking to a Direct agent by phone or in-store and getting a free term life insurance quote to find out if the financial security you need is in your budget.

Related articles:

16 Questions to Ask About Term Life Insurance (& Answers to the Ones You’re Too Uncomfortable to Ask!)

5 Reasons to Buy Term Life Insurance