By investing in life insurance, young couples can start building a financial base for their future. Life insurance can offer you and your spouse financial security in the event either one of you should suddenly pass on. Here are some of the most important reasons to consider a life insurance policy from Strack Insurance Services in Arlington, TX while you’re young.
Loss of Income
Life insurance benefits can replace primary income if the breadwinner of your family were to suddenly pass on. If you count on your spouse’s income to pay rent or mortgage, utilities, food, car payments, etc., you’ll appreciate having life benefits to replace this income upon your spouse’s unexpected demise.
As a young couple, you may not have children now, but that could change in the future. By investing in life insurance early on in your marriage, you can take advantage of lower premiums. As you grow older, the cost of life insurance will be much higher.
Like most young couples, you or your spouse may have outstanding debts such as private student loans that you plan to pay off over time. If these loans were co-signed by your parents, they could be held liable for these debts if you were to suddenly pass on. Benefits from your life insurance policy can help pay off these loans so your loved ones aren’t saddled with this financial burden.
Few people think about funeral arrangements or costs when they are young. In the event of an unforeseen accident, however, your spouse could face the financial burden of paying for your funeral costs. Proceeds from your life insurance policy could help cover funeral expenses, taking the pressure off your spouse.
For information on life insurance policies and costs, contact Strack Insurance Services, Arlington, TX.