Savvy Tips & Helpful Hints

The Reasons You Need Term Life Insurance For You & Your Family

If you have a family, you need to ensure that you have term life insurance. Helping to replace lost income is just one of the many benefits of having a good life insurance policy plus it also provides peace of mind for you as a parent because by making sure you are insured, you know that your family will be cared for in the event anything were to happen to you. You do not want to leave any financial burdens on your surviving loved ones which is why I wanted to share this informative post with you all as life insurance is an option that will help to provide your loved ones with a financial sum when you are no longer around. If you have been on the fence on whether you really need life insurance or not, keep reading as I will discuss the reasons that it is important to have cheap term life insurance for your loved ones, but first let’s discuss how it works and the different types of life insurance options available to you.

First, you may be wondering what life insurance is and what types of insurance options there are available to you. Well, life insurance is literally a contract between an insurance policyholder and an insurer…. which is the insurance company where the policyholder promises to pay a regular premium while the insurer promises to pay a designated beneficiary a sum of money in the event anything happens to them. Simple enough right? Life insurance is a plan that you pay for in the event something happens to you so that your family will get some money to help pay for any debts and obligations you leave behind plus it helps to cover funeral costs and more. The only real question is figuring out what type of life insurance policy is right for you and that means choosing between Term Life Insurance or Whole Life Insurance.

When it comes to choosing the right insurance policy for you it depends on what you want in terms of how long the policy lasts, how much the policy costs and if there is a cash value component to the policy itself. For me Term Life insurance is the affordable way to go as it is a much lower monthly rate that I can afford. Term Life insurance policies can last anywhere from 10 years to 30 years on average…. depending on the policy you purchase and you are covered for the duration of that particular term life policy. The downside to this is once that policy expires, you have to start a new one. There is also no cash value that you can tap into when choosing the term life insurance policy BUT for me that is OK. I just want any bills to be covered in the event something happens to me so that I am not leaving an financial burdens on my husband and my kids. My husband and I both have a term life insurance policy so that in the event something happens to either of us while under our policies, our family will be covered and that is the peace of mind I was looking for when starting the policy to begin with.

Now if you are looking for more of an investment and cash is not an issue, Whole life insurance is a good choice for you. Whole life insurance is best for estate planning because part of your premium goes toward building cash value and also the policy pays dividends that make that cash grow as the years go by. In order to ensure you have the proper coverage in the event something were to happen to you, you’d have to pay a much higher premium as compared to a term life insurance policy. The difference in pricing can be huge… a good example let’s say is you are a 25 year old female getting term life… it would cost around $30 per month for a 30 year term life policy BUT it will cost that same 25 year old female $351 per month for the whole life insurance policy. That is a huge difference and it is the reason that Term Life Insurance is the popular choice by far.

Now that you know what Life Insurance is and you know the differences between Term Life Insurance and Whole Life Insurance, lets look at the reasons you need insurance to begin with…..

Protection For Your Family

The biggest reason anyone signs up for a life insurance policy is to protect your loved ones and family in the event something were to happen to you. Life Insurance policies will provide a lump sum payment to your beneficiaries, which can be used to cover funeral expenses, daily living expenses and other financial obligations such as your child’s college tuition and more. This is made even more important if you happen to be the breadwinner of the family and your family depends on you for most of their care.

Helps To Pay Off Debts

Your Life Insurance policy, in the event of your death, can also help your surviving loved ones to pay off any debts you may have such as mortgage payments, car loans, student loans and even credit card debt. This will help your family to avoid the stresses of financial strain while providing them with the peace of mind they need during such a difficult time. It is also important to note that your life insurance policy can also help to cover those funeral expenses which can be expensive too.

Can Cover Your Child’s Education

Another reason to ensure you have a good life insurance policy is that it ensures that your child will be able to dream big, despite whatever curve balls life throws at them. The protection that a life insurance plan can provide will ensure that your child can go to the school of their choice as well as providing then with a higher education and more!

You Are At The Right Age

The younger you are when purchasing your life insurance policy, will provide you with the best rates for your policy too. As you grow older, life insurance rates increase and by starting young, you can lock in today’s lower rates. By locking in today’s rates at your younger ages means lots of savings down the road, which is everything. As mentioned above cheap term life insurance is often the most affordable way to secure coverage to help protect you and your loved ones and the younger you start the better.

Peach Of Mind

Getting signed up for term life insurance will give you the peace of mind you need when having a family to care for, especially if you are the breadwinner of the family. By ensuring you are covered, you are giving your loved ones the financial protection they need in the event you and your income will no longer be around and the best part is that you can rest assured that your beneficiaries are covered and that they will be comfortable.

So what are you waiting for?! Do you have life insurance coverage for you and your family? A good life insurance plan will let you live with that peace of mind that you are looking for and a term life insurance plan is much more affordable than you may think. Do your research and get the coverage you need today to ensure that you and your family are covered in the event anything were to happen. You will sleep better at night!


  • Beth Pierce

    I’m a believer in term life insurance. I figure by the time it runs out, my kids will be grown and well-established, and my husband and I are financially stable. We won’t have any major bills when we pass.

  • Amber Myers

    Yup, we have this! You never know what can happen and my husband and I want to be sure our loved ones are cared for should anything happen to us.

  • Christy G

    I wish that I could get term life insurance. But due to my health, they make it impossible to get. I have an accidental policy at the moment.

  • Vidya Tiru

    such a useful post and reminder. having life insurance is so very important, critical even

  • appetizersandentrees

    . It was truly an eye-opener and provided valuable insights into why having this type of insurance is crucial. Your explanations and examples helped me understand the benefits and gave me a better understanding of how it can provide financial security and peace of mind.

  • Catalina

    I understand how important is a life insurance, but I always find reasons to postpone it! Thanks to your post I will check it out and try to find the right one!

    • mcushing7

      I am with you on that…. but I am growing older and need to make it a priority 😉 Have a wonderful day!

  • Marie Cris Angeles

    Agree 100%. Insurance is a must for everybody, not to plan your death but to have a peaceful mind for me.

  • karen

    I need to pay a lot more attention to life insurance, we don’t have any and this is very risky.

    • mcushing7

      I am with you! A lot do not have it so letting people know about the differences is a good thing and a great reminder 😉 I am doing Term…. more affordable and I feel better knowing I have it!

  • LisaLisa

    This is a great post that brings more awearness to investing life insurance and the terms behind it all.

  • Tammy

    Such a great and informative post! Thank you for sharing all these details…a lot of great reasons to have life insurance esp when you have a family.

  • monica

    I hate thinking about this stuff but I know it’s super important. Especially since we have 2 school aged kids to think about!

  • Chelsea

    That is so good to know about getting term life insurance! You can use it for so many things!

  • jupiterhadley

    It is so hard but so important to think about these things and about the future of your family. Thank you for the reminder.

  • Richelle Milar

    Having a life insurance is really important not just for yourself but for your family as well. This is a really great post

  • Zab Zaria

    That’s amazing! This is one of the most interesting topics! Thank you for sharing this information with me.

  • Richelle Milar

    Having a life insurance is just like planning for the future of your family and it’s absolutely important

  • rhianwestbury

    I’m with you on this as life insurance is so important to cover you in the hardest times. My fiance has independent life insurance, but I am lucky to be able to get mine through work so we’re both covered for our mortgage costs if nothing else x

    • mcushing7

      That is really most important and I am not trying to get rich with it…just to cover our bases in case.

  • Monidipa Dutta

    Thank you for sharing the informative article on the benefits of term life insurance for families. Your easy-to-understand language and clear examples make it easy for anyone to understand why this type of insurance is important for protecting loved ones. Well done!

  • Monidipa Dutta

    Thank you for sharing such valuable information about term life insurance. Your article was well-written and easy to understand. It really helped me understand why having term life insurance is important for both me and my family’s financial security.

    • mcushing7

      Yes… it is the most popular choice as it is affordable as compared to whole life…. but you are covered during the duration of the term…10 to 30 years 🙂