The Age-Old Question: Should I Buy Life Insurance

By AARP

Life insurance is not something most people are eager to purchase, but as we get older, we all start to consider if the pros outweigh the costs. If you are considering if buying life insurance is the right move for you, keep reading.

First thing's first, you will need to assess your situation before you start choosing life insurance plans. Are you employed or retired? Are you children still living at home or have they left the nest? If your children still live at home, are they young or about to start college? How you answer these questions, among others, determines which type of insurance plan best suits your lifestyle and budget.

Here are some tough questions to ask yourself:

  1. As I reach retirement, am I prepared to lose the life insurance policy provided by my employer? When that is no longer available to me, will I have enough savings to ensure my family is well taken care of in the future?
  2. Is my spouse financially secure enough to cover our monthly expenses if I pass?
  3. Will my children who will soon flee the nest be able financially get themselves through school or living on their own?
  4. Imagine yourself in your family's position. If someone in your family passed away today and you were left to cover the costs, would you be able to? 

One important thing to remember is that life insurance is to protect your family and give you peace of mind. You do not need to spend a fortune, but if taking the necessary precautions can prevent some of the financial burden left for your loved ones, then it might be something to consider. 

Whether you are interested in supplementing part of your existing coverage with a small term life insurance policy that covers a particular cost such as funeral expenses, or you are starting from scratch, it can be a very simple process. Life insurance policies have simplified their application process to allow more people access.

Telhio Credit Union members can receive life insurance policies from our partners at American Income Life Insurance Company. If you're interested in learning more about your life insurance options with Telhio, visit /add_insurance.html.


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