Sponsored Post: Do You Need Life Insurance?
The first time Tim and I thought seriously about life insurance was when we bought this house.
Lots of our friends got huge life insurance policies the instant they got married, and some of them even started with policies well before they even met “the one.” While we saw the value in life insurance, we also saw it as an added expense that was just unnecessary. We lived in an apartment, neither of us had any kids, and we both had stable jobs. If anything happened to one of us, the other would be just fine. Getting out of a rented apartment is a lot easier than getting out of owned property, and neither of us had huge, mutual bills to take care of. Furthermore, Tim and I had both lived on our own before getting married, so we felt confident that we could take care of ourselves if something happened.
Then we bought the house. While we were confident we could handle the added monthly costs of the mortgage, home repair, and homeowners insurance together, we weren’t so sure that we could do it alone if we had to.
We thought about getting life insurance right away, but just couldn’t afford it with the closing costs we were prepared to pay. Also, without kids, I was sure that, if anything happened to Tim, I wouldn’t want to stay in this house at all; I would just want to sell it and move as far away as I could, making life insurance to cover our mortgage unnecessary. Tim felt the same should anything ever happen to me.
Now, though, as we settle in more and more every day, our house is becoming much more of a home than just a house to us. Personally, I couldn’t ever imagine living anywhere else; that is how much our house means to me now. Our house means love, stability, and happiness. It would be difficult to sell and move anywhere else.
We’ve started seriously thinking about getting life insurance policies again. Lots of policies are very affordable, and there is an added bonus of being able to borrow against them should we need the money in the future. We’re also starting to see the value in making sure our loved ones are comfortable and not saddled with debt should anything ever happen to us. That’s the strange thing about insurance; it always seems like an unneeded expense, until you need the insurance to cover something! Tim and I are just now starting to see why we might need coverage. Maybe it’s because we’ve bought a house. Maybe it’s because we’re growing up. Maybe it’s because you can’t really put a price on love, but you can make sure those you love are set up for whatever they need, even after you are gone.
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Image Credit: Alan Cleaver
This article is so true. Most people look at life insurance as an expense. When you have a family or debts though… it becomes a necessary investment for your family. Insurance for young people is very inexpensive. You can find rate quotes in the U.S. from sites like http://www.truebluelifeinsurance.com and see just how inexpensive they are. A term life policy is the least expensive type of policy, and you can always convert the policy into a permanent policy down the line.