As a 40-something, you’re likely in the midst of some financially demanding years, with a complex mix of responsibilities and assets you want to protect. Here are a few critical reasons why it may make sense to get life insurance in your 40s.
You want to plan for your children’s future.
Ensuring that as your kids grow they’re financially protected is a major reason many
40-somethings choose to purchase life insurance. Not only are they one of your biggest
responsibilities, but child expenses range from the long-term—like educational planning—to
monthly—like childcare,, school supplies, groceries and clothing. By having a life insurance
policy, you’re able to help your children as well as your significant other with costs if something
were to happen to you.
You don’t want to pass down debt.
A recent Experian study showed that those aged 40 to 55 (Gen X) are likely to carry the most debt
of any age group at about $136,000, which is $40,000 more than the second-highest group, Baby
Boomers. Do you want to pass on these expenses to your loved ones if you were to pass away?
Would your family be able to handle payments without any financial assistance? If your answers
are “No,” in getting life insurance in your 40s might be a good plan.
You want your spouse to have a safety net.
Although your home may have two breadwinners, losing you unexpectedly could negatively
impact your spouse’s financial stability or current living situation. Factoring in mortgages, monthly
bills, child expenses, health costs, and their retirement, if you don’t have any or enough financial
coverage, your significant other could have a monetary burden put on their shoulders. Especially
if your spouse is a stay-at-home parent, knowing your family can be protected with a financial plan if your income were to be lost can be comforting.
You want your elderly family members cared for.
When your elderly loved ones rely on you, your passing would raise many questions and
uncertainties. How will they maintain their standard of care? Will they be able to afford assisted
living? What would their options be if they lost your supportive income? Whether it’s paying for
medical bills or living costs, having a life insurance policy could help you cover their care.
The bottom line on life insurance in your 40s.
Knowing you’ve got proper, affordable, and straightforward life insurance to support the
financial obligations you have can be comforting and help you feel confident you’ve secured
your financial legacy.
Apply below online to see if you qualify or no-medial-exam life insurance.
The referral of your friends and family is the greatest compliment you can give me. Thank you! 🤝🤝
Feel free to reach me the numbers below, or email me with any additional questions.
Real Estate/Insurance/Annuity Consultant
Irvine: (949) 656-9135
Diamond Bar: (909) 979-3566