Or, if you have “a life” and don’t directly earning money (i.e. a stay-at-home parent), but you take care of things that the other spouse would have trouble doing or affording if you died, then you need life insurance.
For example, my wife stays home with our kids.
Before that decision was made we didn’t have life insurance. If one of us died, the other would continue working and would make enough to live.
We didn’t “need” insurance.
Once we had a kid on the way we knew it was time to get insurance in case one of us died.
If I died, “no mo money” coming in right away because companies generally stop paying dead people…
If my wife died, then I would need help with the kids and house and would have to pay for those services or change my work.
Problem? Yeah… but there’s a pretty cheap solution: Life Insurance.
We asked around. A lot of people had “agents” from companies who sold life insurance. We got a few quotes that seemed pretty high.
Others recommended websites where you can search a bunch of companies like InsureChance.com, which totally fit what I was looking for.
It was simple and I got to compare a bunch of services, quickly seeing how much more or less coverage would cost, or for longer or shorter terms.
And it turns out, searching online also saved us some coin. And over 20 or 30 years that money adds up.
The good thing is that you can always cancel a term policy. So if you no longer need it or can get a better rate you can just cancel once the replacement policy is securely in place.
So not only did we save money and not have to deal with a sales pitch, we didn’t end up with some long-term commitment.
This post was a guest post.