When I was working in the “corporate world”, one of the “benefits” was life insurance coverage. At the time, I didn’t really appreciate it or truly understand what it’s for. I mean, sure, OK, “life insurance coverage” – it’s a benefit for loved ones “just in case”, right?
After reading a recent article on “Why Women Need Life Insurance“, I see now that it’s actually so much more than a “just in case.” It’s provides a financial safety net for your family and loved ones.
If, for some reason, someone can’t take care of their family, then at least there is a little bit of financial cushion. Life insurance can help cover unexpected costs, debts, or just provide a more comfortable lifestyle for those that you love.
Genworth Financial offers some great tools to not only learn about the different types of life insurance, but to also calculate how much coverage you need to help provide the financial security for your family you want.
Now that I’m self-employed, it’s up to me to purchase my own life insurance. Some financial experts recommend coverage of 7-10 times your annual salary and the budget calculator can help you determine a financial path towards getting that coverage. I used the Life Insurance Budget Calculator and was amazed that by contributing $25/month towards life insurance, I could get coverage for $400,000. I can totally handle $25/month. (Especially since I’ve been cutting back on my coffee shop visits.)
Whether you’re single, are part of a two-income family, or even if you’re a stay-at-home mom, life insurance is an option you might want to consider as part of your financial planning. You could consider it an investment in your family’s future.
Do you have life insurance?