Have you ever searched for life insurance on your phone? Even if you haven’t, it’s likely you’ve been on the consumer side of a targeted ad. You scroll down your phone’s feed like any given lunch break and happy babies and giggling toddlers are out in full force to tell you about the importance of protecting your legacy. Often times, their calculations are based on providing for your family’s future. This jargon can give you the impression that if you’re single and childless, you don’t really need life insurance. Well, I have some news for you:
That is not the case!
A myriad of reasons to get a life insurance policy are ready to inspire you. Or better yet, hit you with a dose of reality. The good news is you are probably going to need a slightly smaller amount of coverage, which will significantly lower your cost of insurance as well. In lieu of an expensive plan to support a family in your absence, you can consider a slim, efficient and dependable policy. Let’s get into just a few reasons a Term Life policy might be ideal for you with an affordable and level premium.
Health issues run in your family.
Are you related to anyone with diabetes, heart disease or any other congenital (heritable) health issue? If so, and especially if it is more than one, you run the risk of facing a similar fate. If it’s likely that you will have a diagnosis of a condition in the future, think ahead and buy life insurance in the present. You might not have a heart or kidney condition, but you also may not have a chance to get a worthwhile policy at such a good rate. For example, with Lifefy’s solutions, your rate will never go up throughout your level-term period of 10, 15 or 20 years. This is called a level premium. You never know when one of those health issues might arise, doubling, tripling or even making you ineligible for a policy.
Help pay estate taxes.
One of the many reasons to opt for life insurance is the payment of estate taxes. Although it might not apply to anyone (at the moment, at least) it is something to consider if you have dreams. In 2014, the law states that individuals with an estate value of approx. $11m or more, will henceforth be forking up 40% in estate taxes upon death. So, if in the next two decades, you plan on having an estate with a value equal to or over that amount, your heir should expect to get a hefty bill. Instead of having a beneficiary pay 6 or 7 figures in taxes, plan ahead. Many would say that only wealthy people get life insurance protection for these taxes. But, as they say… Fake it, until you make it!
You want kids someday.
Maybe you are in your early thirties or mid-to-late twenties and you might want children someday. Perhaps you’d like to wait a few years to get everything in order. Well, buying a Term Life policy right now is exactly what you need to organize your life and
finances. The healthier and younger you find yourself to be, the cheaper your policy will be! It’s a good idea to buy a decent 20-year policy right about now. You don’t have to go crazy just yet! At least take advantage of this moment when your premium will be less than the price of your cup of morning joe. You can always buy a new policy to add a layer of protection as your needs change.
You live with roommates or significant other.
Anyone depend on your financially to maintain their own lifestyle? Do you run and maintain a household? Life insurance might be the key to helping them out. This situation is common, both with significant others as well as platonic cohabitants that you care about.
Will you need enough coverage to replace your income or put a child through college? Probably not. But you might leave enough to cover a lease, a mortgage or simply the benefits your wallet used to offer them! This is when easy-to-use and paper free insurance platforms work fantastically. You can get coverage for as little as $50,000 and as much as $350,000 for an affordable monthly premium.
You have debts (because… you’re human).
Is debt a four-letter word in your dictionary? It’s probably a four-letter word in your financial situation, too! We get it, it’s a hassle. If you, and you alone, are responsible for a debt, it can be an uphill battle for whomever is left trying to settle it with proceeds from your estate. Since so many policies sold online are inexpensive, it’s a good idea take the leap. Really, it’s not even a leap, as easy as it is these days. It’s a hop. This way, your friends and family can use the proceeds from the death benefit to deal with financial situations such as student loan debts, tax debts, mortgages, and the like.
You have business partners.
If you have partners, much like a roommate, they need to keep things going when you’re gone. In any partnership, certain provisions regarding life insurance should be included in the contracts. You should draw up language to put down a protocol to initiate in the event of a death of a partner. The main goal would be to keep the endeavor going. In order to be successful, all the partners should commit a portion of a life insurance policy to the company and its business expenses. Trust us when we say that things get complicated quickly when someone dies. We suggest speaking to a financial advisor to put your affairs in order with a business plan and cover your operating expenses.
A person will still deal with expenses due to your passing.
Let’s say none of the above applies to you. Congratulations, you are debt free, have few connections and are living life to the fullest with no strings attached! You should still consider a modest life insurance solution. Why? Someone is still going to have to deal with your funeral and such.
Get a shiny casket and beautiful service. Why not have it rain rose petals? Okay, maybe that’s pushing it, but a $50,000 policy will not only cover all the end-of-life expenses, it will make sure your loved ones, friends or family, won’t go into debt covering these costs. You don’t even need to gather a bunch of Term Life insurance quotes. Instead, get what you need instantly and digitally, with Lifefy.
Finally, you want to chill your way through life.
Chillness? Peace of mind? Tranquility? These are all results of preparation and financial planning. You are most probably looking at least one of these titles and thinking, “oh boy, that’s me!” Well, let us help! No one can foresee the future, but in order to achieve that calm state that makes people look refreshed and healthy, you should prepare for the unexpected! Even a small policy can help you sleep better with the confidence that only insurance can provide. A completely digital, transparent and affordable Term Life insurance company, like Lifefy, will have you ready to go in less than 10 minutes!