It’s 2020: Why Should I Buy a Life Insurance Policy?

It’s 2020: Why Should I Buy a Life Insurance Policy?

Getting a life insurance policy is just one of those things that many people, especially younger generations, don’t put a lot of thought in to. Maybe you’ve just gotten out of college and are living under a mountain of student loan debt. Perhaps you’re a young family just starting out, and expenses such as saving for a home or added childcare costs are taking up most of your paycheck. In these scenarios and many others, life insurance may seem unnecessary when money is tight. But as we’ve experienced in recent times, you should always be prepared for the unexpected. Obtaining a life insurance policy is a great way to ensure you and your loved ones are ready no matter what scenario may come. Read on to find out why having a life insurance policy matters now more than ever.

You’re Starting a Family

There’s nothing like a baby on the way to signal it’s time for some serious financial planning. Getting a life insurance policy as part of that plan should be something you consider. Here’s why: the longer you wait to get a plan or the older you get, the higher the cost will be to you and your family. Also, if one partner is leaving his or her job to stay-at-home, suddenly two paychecks become one, and a financial safety net may bring peace of mind. Also, with most quality insurance companies, you’ll get coverage flexibility. This benefit allows you to choose a smaller coverage amount to start, and if your family expands further or one partner decides not to go back to work, you have the option to increase your coverage.

Leave a Legacy

Leaving behind a legacy can seem like something that takes years of planning and effort to accomplish. But the truth is it simply means to contribute to future generations. Things like career achievements or advocating strongly for a cause are various ways people leave legacies when they pass. However, for parents, it might mean something more tangible, like a life insurance policy. This death benefit can help to ensure their children’s financial needs are taken care of long after their time on earth has come to an end. Maybe you are about to enter retirement and begin your senior planning. You can even find a policy that will allow you to finalize your end-of-life plans without leaving behind the financial burden attached to it, for your loved ones to deal with. 

Pay Off Debt

Remember when we talked about student loans and home mortgages earlier? Well, we did that for a reason. These types of debt warrant concern because their outstanding balances must still be paid even in the event of your death. That means if you have a home mortgage or private student loan debt at the time of your passing, your loved ones can be held responsible for all future payments. Life insurance policies like those offered by USAA prove to be powerful tools in lifting such financial burdens from your family. These policies are great for those looking for a budget-friendly option as you work to pay down your other current debt and still provide valuable coverage for the unexpected. Work with an advisor to figure out the right amount of coverage you’d need to relieve your family of any existing balances as well as cost coverage for funeral and burial expenses.

You Have a High-Risk Career

As a service member, your dedication to protecting your country is deserving of the utmost respect, but unfortunately, it can also take your life. And if such a tragedy should occur, you want your family taken care of. That means protecting them from experiencing any financial hardships due to a loss in income or premature death. Not only can a life insurance policy allow your family the ability to continue on in the standard of living their use to, but as long as the right coverage amount is in place, it can take care of your kid’s future education expenses, wedding costs and even help them realize their dreams of becoming a business owner down the line.

Guard Against the Unexpected

If nothing else, living in today’s circumstances has taught us the importance of being prepared. Give yourself and your family the gift of peace of mind by having a plan in place to face the uncertainties that life will undoubtedly bring. 


I am a pop culture and social media expert. Aside from writing about the latest news health, I also enjoy pop culture and Yoga. I have BA in American Cultural Studies and currently enrolled in a Mass-Media MA program. I like to spend my spring breaks volunteering overseas.

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