Who, When,Where and Why? Tackling the Big Questions on Life Insurance

Life insurance is pretty straightforward as far as insurance policies go. You pay monthly premiums to an insurance company. And in exchange, the insurance pays your beneficiaries a lump sum if you pass away. (It can be more complex than that, depending on your chosen policy, but those are the basics). It’s one of those rare things you really want to have – but hope you never need. 

Although the basic premise is simple, you might naturally have questions. Who is it for? When should you get it? Where does one find the right life insurance policy? And, perhaps most importantly, why is it important? 

Putting on our journalist’s cap, let’s investigate the “four W’s” of life insurance. 

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Who Needs Life Insurance? 

This is a great question, one that comes up often among prospective policy owners. Conventional wisdom holds that the primary earner or breadwinner in a family should get life insurance – after all, it’s their income that greases the proverbial wheel, and whose loss would be most acutely felt. 

While breadwinners certainly benefit from a life insurance policy, so do many other people. Stay-at-home parents may wish to get a life insurance policy to cover childcare in their absence. People with significant outstanding debt might consider life insurance to alleviate pressure on their loved ones if they pass away. And the same goes for mortgage holders and business owners with sizeable payments to make.

The short answer to this question is: most people should have life insurance. To determine if your specific situation would benefit from a policy, or to figure out the best life insurance for you, speak to a trusted life insurance advisor. 

When Should You Get Life Insurance? 

Typically, experts advise that as soon as you start earning a salary, accruing debt, entering a long-term relationship and/or caring for dependants, you should consider life insurance. 

In truth, it’s probably never too early or late to have the conversation. Again, find a trusted advisor that won’t push or upsell policies, and explain your specific situation. 

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Where Do You Find the Right Life Insurance? 

Traditionally, getting life insurance was a hassle. You had to attend physical meetings, answer several prolonged series of questions, spar with an agent trying to upsell you on policies, and wait for weeks for approval. 

Nowadays, thankfully, you can find affordable, quick and effortless life insurance online at PolicyMe. The process takes under 20 minutes, completed from a computer or phone. Approval is instantaneous (in most cases). There are no pushy tactics. And because no unnecessary processes are inflating the cost, monthly premiums are inexpensive. 

Why Get Life Insurance? 

Put simply, life insurance is a safety net. It’s a pragmatic and sober plan for a worst-case scenario you hope will never happen. Life insurance can help a grieving family cope with the loss of an income, help loved ones pay outstanding debts or burial costs, help a surviving partner pay for childcare in the absence of a stay-at-home parent, and more. If you go through an affordable insurance provider, the monthly premiums are a small investment into peace of mind. 

Hopefully, this article answers your big questions on life insurance. To answer granular, particular questions on policy types, coverage amounts, etc., consult an expert or use a trustworthy, sophisticated life insurance calculator.