Most don’t like to think about death. We often try to distract ourselves from the reality that all of us will experience it one day. When the conversation turns to death, we quickly try to change topics. We don’t want to think about it.
But avoidance of the subject can injure our family. Financially, if we do not prepare for our death, we potentially set our family up for future struggles. And one of the best ways to guard against future financial struggles, should you die, is through a term life insurance policy.
So here are five reasons why you need term life insurance:
1. Tomorrow is not guaranteed.James 4:14 says, “Yet you do not know what tomorrow will bring—what your life will be! For you are like vapor that appears for a little while, then vanishes.” Thus, we should prepare.
2. Term life is not complicated.You can understand it. You simply select a coverage term (10, 20, 30-year term) and an amount (like $1,000,000). The insurance company provides you with the payment for that type of coverage. And as long as you make the payment during the term, you have the coverage. Of course, at the end of the term, you no longer have the coverage. If you want further coverage, you must buy a new policy.
3. It’s relatively inexpensive.Compared to other insurance policies, term life is less expensive option.
4. Your payment is fixed.For most policies, your payment will not change during the term. For at 30-year term policy, your first payment will be the same amount as your last payment.
5. You probably don’t need permanent life insurance.Life insurance is meant to cover those for whom you are financially responsible. Which means the amount of coverage needed (and the reason for needing it) should change over time. Covering specific needs, instead of insuring the rest of your life, is typically less expensive.
If you have individuals for whom you are financially responsible, consider a term life policy. Protect your family from future financial struggles.