Should I get life insurance?

Some people think of life insurance as something extra, something you don’t need. You and your family might actually get a lot out of life insurance coverage. It may help to take care of many of the costs you might leave behind after you die.

Almost 60% of American adults have life insurance.1

Around one-fifth of these people believe they don’t have enough coverage.1 And around 40% don’t have it.1 Where does that leave you?

Still wondering, "Should I have life insurance?" Let’s take a look at the groups that can benefit from it.

Married or long-term couples

Around 48 percent of all married couples in the U.S. live in dual-income households, meaning both spouses work.2

Losing one of these incomes could be trouble. You want to make sure your spouse isn’t left to struggle when you pass.

Life insurance helps offer this kind of protection. Your spouse or loved one may be able to use your benefits to help with bills and cover other expenses, like funeral costs and any personal debts that don’t go away after you’re gone.

Parents

You want the best for your children. You want them to have all they need to succeed in life, including your financial support. But you might not be around for as long as they need your help.

What happens when you die and your income goes with you? Life insurance could help to make sure that your kids won’t be left without support after you’re gone. Your policy amount may cover schooling costs or other expenses. If you’re a single parent, it’s even more important for you to think about life insurance.

Homeowners

The average U.S. homeowner spends more than 15 percent of his or her paycheck on mortgage payments.3

If you fall into that category, that’s a pretty big amount that doesn’t go away after you’re gone. You could help avoid passing all of these costs to your spouse or children by getting life insurance. Your coverage may help cover your remaining mortgage payments and more.

Business owners

Are you running a small business with the help of others? You risk leaving your colleagues with the business’s debt if you pass away. Life insurance may help to ensure that your co-owners and co-workers are protected, giving them the money they need to cover any sudden expenses.

Student debt holders

More than 44 million Americans have student debt.4

If you’re in this group, you should know that some of your debt might not go away when you die.

Cosigned loans and some private loans could remain. This means your debt could just move to your spouse, children or other family members. Life insurance helps prevent this from happening. Your loved ones would be able to use these benefits to pay off your student loans.

People worried about funeral costs

The average funeral service costs $7,500 in the U.S., an amount that some people don’t have on hand.5

Make sure your loved ones aren’t overloaded with funeral costs by getting coverage that may help take care of these fees.

Young people

Life insurance and youth — these things don’t usually go together. But young and middle-aged people can see big benefits from life insurance. If you get coverage while you’re still healthy, you might build up more benefits and get lower monthly payments due to your health.

Life insurance is something that may benefit everyone close to you, from your immediate family to even your business colleagues. That’s why so many Americans set aside money every month to pay for these plans.

If you’re interested in protecting your loved ones after you’re gone, consider reaching out to TruStage. We’ll listen to your needs and help you find coverage that works for you, your family and anyone else who depends on you.

1Insurance Information Institute, “ Facts + Statistics: Life insurance,” 2017.

2 Bureau of Labor Statistics, “Employment Characteristics of Families,” 2018.

3 Organization for Economic Cooperation and Development, “Housing Costs Over Income,” 2019.

4 Student Loan Hero, “A Look at Shocking Student Loan Debt Statistics,” 2019.

5 National Funeral Directors’ Association, “Statistics,” 2019.

How to learn more about life insurance

Life insurance may seem complicated, but it’s not that hard once you know the basics. Of course, we are happy to help. You can also use the TruStage Life Insurance Calculator to compare different types of insurance and learn more about your options.


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