When it comes to money matters, young parents who are just starting out have a lot to juggle. You may be still paying off student debt and saving for your first home, all while raising kids. But it’s also a time when you may be the most financially vulnerable should the unexpected strike. To ensure that you have financial protection when you need it most, purchasing a life insurance policy might be a great gift to yourself and your family this Christmas.
Here are five reasons why life insurance might be the best gift you give yourself this year:
1. You just never know. While it’s not the most pleasant thing to ponder, an emergency situation could quickly put your family’s finances under water. In fact, nearly half of Americans don’t have enough savings to take care of a $400 emergency response. And when you’re starting out, not having protection in case something happens to a family’s breadwinner is even scarier.
2. The earlier you opt in, the more affordable it is. Because age is one of the factors that affects the cost of your premium, the younger you are when you purchase a policy, the less you’ll be paying each year.
3. It’s not as expensive as you think. If you’re on a budget and are convinced you can’t afford life insurance, consider term life insurance. It guarantees protection for a set amount of time. Since it’s not designed to last a lifetime, the annual premiums are considerably lower.
4. It lets you concentrate on other goals. Once you have the peace of mind and financial protection that life insurance grants you, you may feel secure enough to fund long-term goals, like buying a home, saving for your nest egg, or going back to school.
5. You can always upgrade at a later date. Don’t let the fear of making the wrong decision deter you from purchasing a policy now. The policy you purchase today isn’t intended to be set in stone. As your family’s needs change, you have the option of making upgrades.
We know it’s not easy for young families to make your life insurance needs a priority, given all your competing financial obligations. However, life insurance is a vehicle for protection that is not only affordable, but can also help families save money and can ultimately propel you toward reaching both your immediate and far-reaching goals.
This educational, third-party article is provided as a courtesy by Marivil Fabregas, Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Marivil Fabregas at 808.419.8844.