One of the last things that anybody wants to think about is dying. An even worse thing to think about is what will happen to your loved ones after you leave. This is especially true if you have family members with health problems. You probably don’t want to think about life insurance, but you can’t afford not to if your family members have health issues that keep them from working or require expensive treatments.
Your family will need to be able to take care of their healthcare needs after you pass away. USA Today had an article about the concerns that special needs children face after their parents die. The same concerns apply if you have a spouse with health problems or a disability.
The good news is that a good life insurance policy can help. The coverage may help them pay for future treatment, accommodations at a residential facility and their basic needs if they can’t work. However, it is important to sign up for life insurance at the right time to ensure that they get their needs met.
Getting Life Insurance to Cover the Health Needs of a Spouse or Children with Health Issues
Deciding to purchase life insurance is a big deal, especially if you have family members with health problems that will depend on you after you die! Life insurance policies aim to help bridge the gap between the death of a person and the financial fallout that can happen as a result. They may be even more essential if your family members have health problems that keep them from working or require expensive treatments.
Life insurance plays a key role in any healthy financial plan to protect loved ones and assets from worst-case scenarios. Even family members in good health may depend on it. If you’re ready to purchase life insurance but aren’t sure if it’s the right time, this is everything you need to know about timing and life insurance.
Decide If You Need Life Insurance
The first step to deciding when to purchase life insurance is knowing if you need it or not. Understanding how life insurance works is super important to help you find that answer. In just about every case, life insurance is a valuable tool, but it may not be necessary for rare situations. However, almost everyone with a loved one with serious health issues is going to want to make sure they have a life insurance policy to cover them.
The general rule of thumb is that you need a life insurance policy if you have any dependents who would suffer without your income or even your role in their life. Children with autism or a spouse that can’t work qualify. So, whether you’re a stay-at-home parent who offers immeasurable value to the family, or you’re the caretaker for an older family member, you’ll want to factor in the value provided, even if not a direct dollar amount.
Life insurance policies are not exclusively applicable for families and those looking to support spouses and children. Life insurance can be used in any case where your death will equate to financial hardship. That can mean business partners who want to protect their business if a founder dies prematurely. Those funds can then be used to hire new help or keep the business afloat as the model is shifted.
For adults without dependents, life insurance can also help to cover debts. Whether you name a parent or sibling as a beneficiary or place the funds in a trust, you can have peace of mind in knowing that your debts will not harm your loved ones in your absence.
The Earlier, the Better
Once you’ve decided that life insurance is right for you, the next step is determining when the best time is to purchase your policy. It probably doesn’t come as a surprise that, much like any other financial tools or investments, the sooner you can set it up – the better off you’ll be. The good news is that it is possible to get it quickly.
Life insurance policies are going to be much cheaper the younger and healthier you are. For example, an 18-year-old in good health will receive a much better rate than someone purchasing life insurance for the first time at 50 years old.
Why? Because health worsens over time. Whether naturally in elevated cholesterol and high blood pressure or customer provoked via a vice like smoking cigarettes, you present more of a risk as you grow older. To help offset these risks, you can expect an insurance premium to be higher.
Skip the hassle and excess fees, and shop early for your life insurance policy. The healthier you are, the better your rates will be, which can make all the difference.
Get Life Insurance to Cover Family Members with Health Issues
Do you have children or a spouse with mental or physical health issues? They will depend on you to leave them financially well off after you pass.
Life insurance is an excellent tool for people of all ages, but there are better times than others to purchase. You can’t afford to delay if you have family members with health problems that will make it hard for them to work or require them to pay for expensive treatments. After you’ve decided that life insurance is right for you, the best next step is to look into providers and plan types to decide which is best for you. From there, adopting a policy early on can mean better savings and greater value than whole policies with growing cash value.
