Many employees have never considered life insurance, or think it is an unnecessary expense at this time in their lives. However, having life insurance is important for people of all ages and a few probing questions can help you think more clearly about your needs and benefits of coverage, such as:
Are you the primary source of household income?
Do you have a mortgage, college loan(s) or other substantial debt that is unpaid?
How would your family support themselves if you died?
Could you (or your family) afford tens of thousands of dollars in medical bills and/or funeral costs?
Who would have the burden of paying any debt or other financial responsibilities that you leave behind?
Thinking about these issues isn’t fun, but is important to consider your financial responsibilities and take action to protect your loved ones in the event of a catastrophic accident or illness.
Despite realizing its importance, some employees still will be hesitant to spend the money on a new type of coverage. After all, economic times are still tough and many people are struggling just to pay their current bills. However, an argument can be made that tough financial times make it more important than ever to provide financial security for loved ones.