Life insurance is life changing and life saving. Life insurance is a very important part of your life, but it can also be overwhelming. One question that you might be asking yourself is: when should I get life insurance? Insurance does just that: insures you and your family against any loss, damage or injury due to accident, illness etc. It is a contract between you and an insurance company in which you pay a small fee, called a premium, in exchange for life insurance coverage.
The answer is simple: get life insurance as soon as possible. Life insurance should be the very first thing that you obtain after buying your house or paying off any large debt such as school loans or car payments.
This is important because life insurance will protect your family against the loss of income that would result if you were to die. If you have life insurance, then your loved ones will be able to replace this lost income. They could use life insurance benefits to pay off any debt that remains after your finances are sorted out and continue life as normal without bankruptcy or foreclosure, which could ruin their credit for life.
Without life insurance, your family would be left without financial support. Your life insurance coverage will pay for funeral costs, outstanding debts and the lost income that they were depending on to survive. Once life insurance has been obtained, your next step should be obtaining health life insurance for you and your family members.
Health life insurance is life insurance which covers you in case of illness or injury that leads to death. You can choose life insurance plans that cover Accidental Death & Dismemberment (AD&D) which pays your beneficiary if you die as a result of an accident, Critical Illness Insurance which covers cancer and heart disease, Hospital Indemnity Insurance which pays if the hospitalization is life threatening or life altering and Term life insurance which is life insurance that only covers the period of time you choose.
Remember, life insurance should be obtained as soon as possible to ensure your family’s financial security and life insurance plans should include health life insurance to cover any accidents and critical illness that could occur. You can get free quotes on life insurance plans and life insurance quotes online.