Are you thinking about getting life insurance but aren’t sure if you can afford it, or don’t know exactly what it’s for? Maybe you think it’s an unnecessary investment or something that only wealthy people do.
Well, it’s not and it’s not as expensive as you think, especially with Ladder Life Insurance. Consider this your crash course on the subject of life insurance: what it is, why you need it, and how you can afford it.
How Exactly Does Life Insurance Work?
Essentially, life insurance is what takes care of your loved ones financially if you should pass away. Originally, life insurance was designed to cover funeral costs and provide care for spouses and orphaned children. Today it’s a more flexible and robust product, offering more options such as adding a child to your policy or getting your premiums covered if you’re unable to work.
There are a few types of life insurance policies, the most commonly known being term life and whole life. The financial experts at Ladder Life Insurance recommend term life insurance, as it’s the simplest form of coverage, lasting anywhere from 10 to 30 years.
The goal of life insurance is to create a safety net for you and your family. Whether that goal is to pay off a mortgage, support your young children, or build your savings; life insurance will have you covered. Best of all, if you outlive your term life insurance policy, you’ll receive the total funds paid into your plan, tax and interest-free.
Do I Really Need Life Insurance?
Whether or not life insurance is worth it is an ongoing debate. To be honest, there are only two specific scenarios in which you wouldn’t need life insurance. Those scenarios involve planning to never have children and having enough savings and investments to self-insure.
However, those two scenarios have quite a few holes in them. First of all, you don’t need children to have dependents. Circumstantially speaking, you may be the primary earner in your household. You may also become the caregiver of your elderly parents or another family member later in life, which would make them your dependents.
There’s also the fact that roughly 80% of Americans today are up to their ears in debt. Between student loans, credit cards, auto, and mortgage payments, you could throw a stone and hit around 10 people with somewhere between $60,000 and $100,000 worth of debt. So, it’s safe to say that it’s unlikely you’ll have enough savings and investments to self-insure.
Life insurance is your best bet at making sure your loved ones are taken care of in the event that something happens to you.
But How Can I Find Affordable Life Insurance?
Many people are put off by the thought of life insurance as they struggle to make ends meet. Let’s be honest—affordable health insurance is hard enough to come by, and that’s without having to spring for a vision and dental plan.
So, how can you afford to pay into a life insurance plan? What if you’re not healthy? What if you’re into extreme sports? Doesn’t cheap usually equate to poor quality?
What if we told you that you could get your hands on a term life insurance policy starting at as little as $12 per month?
With Ladder Life Insurance, you can find yourself an affordable life insurance plan with terms ranging from 10, 15, 20, 25, and 30 years. Your coverage will range anywhere from $100,000 to $8 million, and you can personalize your life insurance plan with the option to make changes as your life changes.
To get a fast and free quote, all you have to do is answer a few basic lifestyle questions. No medical exams or blood tests—just have your driver’s license and social security card handy for identity verification. For more information or guidance, you can contact Ladder Life directly.
Ladder is available in every U.S. state.