An affordable term life insurance policy is one of the best ways to protect your family in both good times and bad — because if there's one thing we know about life, it's that it can be unpredictable. That's why life insurance is just as important during a recession as it is during a period of economic growth.
WHY LIFE INSURANCE IS EVEN MORE ESSENTIAL DURING A RECESSION
If the worst-case scenario were to happen, a term life insurance policy can provide much-needed financial security — and this security becomes even more important when times are tough. Life insurance is designed to help your loved ones cover the cost of your funeral, pay off bills and debts and plan for the future, all of which might be harder to fit into a budget during a recession. Since term life insurance policies are most affordable when you are young and healthy, it’s a good idea to shop for a life insurance policy online early so that you can lock in the lowest possible monthly premium. For example, a healthy 30-year-old woman can buy a 30-year, $500,000 for only $28 per month.The premium will remain the same for the entire term of 30 years.
Whether you’re paying rent or paying a mortgage a term life insurance policy can help your family continue to make those payments after you’re gone. This becomes even more important if you are the primary earner in your household, or if your family has trouble making ends meet without multiple incomes — and this kind of protection is absolutely crucial during a recession, when one or more family members might find themselves unemployed and household income might be lower than usual.
If you lose your job during a recession, you might find yourself turning to credit cards to cover everyday expenses — and, like many Americans, you might end up in a little bit of credit card debt.
Whether you’re in debt now or are worried about going into debt in the future, a good life insurance policy can help your loved ones cover those outstanding debts if something were to happen to you. If you and your spouse share a credit card for example, or if you and your parents co-signed a student loan, the proceeds from a life insurance policy can help with those debts after you die.
Right now, there is little transparency on the direction of our economy. But things always get better, and so will the fuel prices and the economy. Life insurance is always a great tool to have on the side in case you ever need it.
Interested in a life plan; let me know, I can help.