Monday, December 15, 2014

We Don't Have Children, Do We Really Need Life Insurance?

Tens of millions of American's have no life insurance according to new research . The economy is likely partly to blame but some, like married couples who don't have children, are lacking insurance because they mistakenly think there is no need for them to have it.

The simplest way to decide if you needlife insurance is to consider whether anyone would suffer financially if you died. There is always the possibility that you might not need life insurance if both you and your partner are employed full time and have no dependents or financial obligations from previous relationships. If one of you were to died, the other may have no issue meeting all of his or her financial obligations.Having said that,there are many reasons why a couple,even one without children,should think about having life insurance . A few examples are outlined below.

1.Buying a house that requires both of your incomes, is generally a bad financial decision but if that is your reality,having a policy that would pay off your mortgage is a smart idea. Dealing with the death of a spouse is hard enough without the added pressure of financial stress and tough decisions regarding the surviving spouse's ability to stay in his or her home.

2.Debt, credit card or otherwise is another reason to consider life insurance.Just because some debts are in spouse's name does not necessarily absolve the other from the responsibility for that debt. In a community property state, a spouse's debts incurred after getting married may be the responsibility of the other spouse as well; state laws vary. In states not governed by community property law, many creditors will write off the debts of a deceased person when he or she held the credit card in his or her name only, but not always.

3.Lack of savings is a big reason to consider life insurance. You may want enough life insurance to cover funeral and other final expenses and ifyou don't have that money in savings when and if something happens,you will be truly glad you thought ahead and had coverage in place.

4.Protection against future uninsurability can be avoided by purchasing a life insurance policy sooner rather than later. If you developed some type of illness while you did not have life insurance, you may not be able to get a policy. Buying a policy while you're healthy prevents this from happening.

5.Premiums for life insurance will typically go up as you get older. Buy policies now, and you'll lock in the lower cost. Of course, you'll also pay premiums for a longer period of time. You have to weigh the pros and cons.T

There are many reasons to consider life insurance as a married couple whether you have children or not. Contact a Life Insurance Marketplace specialist to find out what's right for you.

Life insurance is not a matter of if, it's when. Your family is counting on you and you want to provide them with a bright future, no matter what. Our goal at Pivot is to provide you with the best life insurance policy to fit your specific family situation and financial goals. We want to be a partner that walks through all of Life's Pivotal Moments with you. Find out more at


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