This Is One Type of Insurance I Would Never Go Without

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  • Insurance provides important protection.
  • There are many different kinds of insurance coverage.
  • Term life insurance is one specific type of insurance I'd never pass up.

Going without this coverage could be a huge mistake.

Buying insurance coverage is crucial. In some cases, it is required by a lender or by the law, such as in the case of homeowners insurance and car insurance. But even when it isn't mandated, having the right protections in place can help avoid financial disaster.

I have many different kinds of insurance coverage, but there's one policy I consider absolutely essential that I would never go without. Here's what it is.

I'd never skimp on this kind of insurance coverage

Although I'm not required to purchase it, I would never go without term life insurance coverage. In fact, both my husband and I have coverage on our lives in case something should happen to us.

There's a simple reason why I would never skimp out on buying a sufficient amount of term life insurance. I feel that this protection is essential to keep my family secure in case something should happen to me.

See, like most people, my husband and I have taken on financial obligations that depend on both of us earning money. If I were to pass away and my income stopped coming in, that would mean that my husband and kids would have to change their lifestyle dramatically if I did not have life insurance in place to replace my income.

I also provide a substantial amount of childcare to our two children since my hours are very flexible. If something happened to me and I wasn't available to do that, my husband would need to hire help so he could continue to work. That would only add to the costs that he'd be left dealing with on top of the loss of my income.

I don't want to force my family to financially struggle if the worst happens. I want to make sure there's enough money that they can stay in our family home, continue to travel, and cover the cost of my children's education. A term life insurance policy with a generous death benefit amount gives me the funds needed to do just that. Now, I don't have to worry that there will be too little money if the worst occurs.

Does everyone need life insurance?

I need term life insurance right now because my children are still very young and because my household still relies on my income to cover the bills. Anyone who is in a similar life stage as I am should likely purchase life insurance coverage. This type of policy is affordable and it offers coverage for the time it is needed.

Those who do not yet have dependents but who will have a spouse or kids who depend on them in the future should also consider getting coverage because it can be better to buy insurance early rather than waiting. It's more affordable to get covered at a younger age, and buying coverage early ensures that pre-existing conditions that may develop later will not make coverage inaccessible.

The only people who don't need life insurance are those who do not have anyone dependent on their income or services and who never will. For example, someone who is old and retired with grown kids and a spouse who is living on savings may not need coverage.

For anyone else, though, life insurance is one type of insurance that is absolutely crucial to buy. Get covered ASAP if there's no policy in place yet.

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.

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