Why I Bought Life Insurance
The moment I held my son for the first time (in 2019) the obvious feeling of responsibility overwhelmed me and I instantly knew that this little person was going to be the new reason I get up in the morning, the reason I go to work, and the reason I buy life insurance.
When you have a spouse and no dependent children, life insurance is still super important – but when you bring that child into your life something clicks and you realize that if you suddenly passed away your family would be left with barely anything. I realized that being a 30-year old male, life insurance would only be a small monthly amount compared to everything else I spend money on. Sure, I certainly hope I live for many more years, but I understand that any of us can be gone in an instant, so covering my own life for a significant amount of life coverage was a no brainer.
There are so many things to think about when deciding whether or not to buy life insurance, and here are a few of them:
What will the household income be if I’m not here anymore?
– Life insurance will help provide an income for the surviving family for a number of years.
Will my surviving family be stuck with all the bills (mortgage, utilities, groceries, childcare, etc.)?
– Life insurance will allow the surviving family to pay off the mortgage if they want or continue the same standard of living.
Will my surviving family be able to send my kid(s) to college/university?
– Life insurance can be ear marked to help pay for children’s post-secondary education no matter how far in the future.