When is the right time to think about life insurance in Connecticut? Well, perhaps if you’re newly married, or getting married again, you probably need to make changes to your policy. Plus, with such an important change occurring in your life, the sharing of dreams for the future, a house and a family, you may also find yourselves sharing each other’s financial obligations.
Now, what would happen if you were suddenly removed from the picture? Would your significant other have enough money to cover your final expenses? There would also be other issues and concerns, for example, eliminating debts such as credit card balances, car payments or loans, and other issues related to adjusting to a new way of life. If you were to die prematurely, having a life insurance policy will certainly help to ensure that these types of needs will be met.
Things that life insurance can help pay for
If you and your spouse have recently purchased a home, there’s a good chance this comes with a mortgage, and perhaps a hefty one. Could your spouse manage the mortgage payments should your income suddenly disappear from the picture? What about any additional expenses, such as property taxes, home maintenance, paying monthly utilities and any necessary repairs that crop up from time to time? That’s a lot to consider and can be very stressful for someone left to deal with these burdens alone.
Plus, if you have kids with aspirations of going to college, costs continue to increase so you’ll need to begin your college savings efforts sooner than later. You may also want to consider a smart risk management strategy to help ensure that your college savings goals will be achieved in the event that you’re not there when the time comes. That strategy should probably include life insurance coverage.
Without an insurance policy in place, how long would your spouse have before he or she were no longer able to make those necessary payments and all those dreams slowly fizzled and died as well? Buying life insurance in Connecticut will help keep the family that you love in the home that they love with a future that they dreamed of. Your loss should also come with an assurance that everything will be okay after you’re gone.