Why do I get life insurance even though I don’t have children
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- I was always told not to worry about life insurance until I had kids.
- But now that I’m 35, I’ve decided that my husband and I need policies.
- It’s cheaper to lock rates now, we’re dependent on whoever we earn, and I plan to help support my parents.
When I turned 30, I decided to do an overhaul of my finances after spending my 20s making mistakes. I spent months meeting with financial experts and seeking advice from friends and family to come up with a new financial strategy.
The advice I received helped me start budgeting and investing in different things index funds Stocks, open a pension fund, and finally get emergency fund.
I also got the advice that I should skip thinking about life insurance until later, when I have kids. Even then, many people told me it would just be a waste and another monthly payment to think about. At the time, I was recently married and hadn’t thought about any kind of schedule to start a family, so I thought it was smart advice to follow.
However, now that I’m 35, and still don’t have any kids, I’m starting to reconsider that decision and have started Consider life insurance policies. Here’s why.
Life changes are on the horizon
My husband and I started doing some near-term future planning and decided to start thinking more about having kids. While we’re not in a rush, it makes sense to explore life insurance before I’m pregnant.
One of the advantages of taking out life insurance now is being able to take advantage of the possibility of getting an insurance policy with a lower premium, due to my age. If I wait a few more years, or even a decade, I might pay a lot more, since then The cost of life insurance It depends on a variety of factors including age, Medical and family historyand even lifestyle (smoking and tobacco use).
Since there is a good chance that I will have dependents in the future, it may be worth installing the policy now, at a lower rate..
I have a flexible income
My husband and I have very different sources of income. He works a full-time job in a company and receives a fixed salary. I am an entrepreneur and freelancer whose income varies greatly every month. Since we rely on both of our incomes to pay our expenses, and since we’re able to save so little each month, it makes sense for both of us to have life insurance policies—especially since we both plan to work until retirement age so we can be a dual-income family.
If something happened to one of us with life insurance, even without having children, the other person wouldn’t have to go through the financial hardship of losing one of our incomes. This person will still be able to afford our current standard of living, pay off any outstanding debts, and be able to make smart savings and investment decisions without having to take on extra jobs or stress the future of their finances.
I have other dependents
Although I don’t have children, I do keep in mind other dependents I may have in the future, such as my parents. While they are now in good health and have some measures in place to support them as they get older (such as life insurance and… Long term care insurance), I expect to support them financially in some aspects in the future. I hope to be able to help pay for medical bills, emergencies, long-term care, and more. That’s why I was going to have them beneficiaries of my life insurance plan with my husband.
If something were to happen to me while they were still alive, I wanted to make sure that my life insurance policy could help cover the costs I was planning to cover for them.
While considering getting life insurance is something that could easily be pushed into the future, I set a goal to get the policy out before I turn 35 — even though I don’t have any children.