Back to blog

Top 5 Reasons to You Need Life Insurance

life insurance

Life insurance isn’t usually something that gets brought up at the dinner table. No one wants to think about the worst-case scenario, especially when you’re still young, but experts say it’s never too early to think about your life insurance options. Generally, the younger and healthier you are, the cheaper life insurance will be. Don’t know if now is the right time? Read below for 5 reasons why you should look into your life insurance options.

1. You’re planning on getting married

Getting married means you might be combining at least some of your personal financials. Whether you are supporting your partner financially with your income or you both receive your own paychecks, it is a good idea to get life insurance. Should anything happened to you, your spouse would still be able to financially support their previous lifestyle with your life insurance policy.

2. You’re going to have children

The longer you wait to buy life insurance the more expensive it gets. If you are planning to have children, it would make sense to purchase life insurance as a safety net for not only your spouse, but also for your kids. If you are already pregnant and you contribute more than half of your family’s income, it may be in your best interest to wait until after the pregnancy to undergo the medical exam.

3. You are supporting anyone financially

Whether it’s your parents or your in-laws, if you are supporting someone financially, you should make sure that you have life insurance. As your parents get older you may find yourself supporting them more and more. Make sure the life insurance policy you choose ensures their protection of long-term care or personal expenses.

4. Your job is high-risk

If your job is classified as high-risk, meaning you work in construction, or as a firefighter/police officer, life insurance tends to be a bit more expensive. Don’t let this deter you. Life insurance is even more important if you are at risk every day you go into work. If you are self-employed, it is also important to get life insurance. In the case of your absence, your employees or key-stakeholders would still receive some sort of income.

5. You have debt

It is important to consider your debt when deciding on a specific life insurance policy. If you have a co-signer for any sort of debt, they will have to take on the remaining bills in the case of your death. Federal student loans are forgiven in such a circumstance, however, if you have private loans and mortgages to keep up with, make sure to consider the correct policy.

Not sure where to start when it comes to finding the right life insurance for you? Ladder has removed the barriers to getting life insurance by providing their clients with an easy online application that takes about 5 minutes with instant decisions. Get a quote online or through the Mobile app today.

About the author

Rebecca Arcand

As the Director of Marketing at LendingClub, Kathleen has had experience in the financial services industry for over ten years. Ten years ago, while working for a non-profit focused on helping consumers work their way to financial freedom, Kathleen found her passion for financial education. Her current role puts her at the forefront of online banking trends, allowing her to share her expert advice for your personal financial needs.