Why I Have Life Insurance and Why You Should Too

Life insurance is a way to help keep your family’s finances under control and give you some piece of mind. The most common source of financial trouble is some type of trauma in your life and there is no worse trauma than losing your spouse. Personal finance is not the first thing you think of when a tragedy happens, so it is best to be prepared ahead of time.

Why You Need Life Insurance

I think having life insurance is one of the most important financial decisions I can make to protect my wife. I have made sure that each of us has enough coverage to pay all debts and have enough money to sustain our current standard of living.

Having life insurance is a big step in improving my family’s financial security. My goal from a personal finance standpoint is to ensure that we are financially secure. There are many benefits from reaching this goal, one of which is a decrease in the amount of stress in our life. Purchasing life insurance is one of the easiest steps you can take to help you reach your own financial security.

When we first purchased life insurance, we could not afford to have any of the 30 years plans that are recommended. The cost would have been around $100 each for the plan that we needed. We had to opt for 10-year term life insurance. We understood that meant not being able to lock in a rate for 30 years, but it was more important to us to have life insurance regardless of the term length.  The 10-year plan cost was only $30 a month each, which is a small price to pay for the kind of security that life insurance offered.

How Much Life Insurance Do You Need

While having life insurance is very important, having the right amount of insurance is equally important. The easiest way to find out how much life insurance your need is to use an online calculator. I would recommend using the Life Insurance Needs Calculator at Life Happens.org.