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One thing that all the growing families and hardworking employees in Barrie should have is life insurance. If you are a parent, you need to have life insurance in the event that the unthinkable happens and you are no longer around to financially support your children. However, even if you don’t have children, there are several reasons to have life insurance. For example, if you live with someone else in a home that you are currently paying off the mortgage of, what will happen to that person living with you when you die and can longer pay off the mortgage? With life insurance, the payout can be used to finish paying off the mortgage. As the years go by, the amount of money you owe on the house will decrease, and you can get an insurance policy with a payout that decreases in value over time as well.
Another reason to get life insurance has to do with income replacement. If you and your spouse have planned your future together under the assumption that you will have two incomes to live off of, what will happen when one of you dies early and there’s only one income left? Also, most people don’t realize that there are costs associated with death, such as funeral expenses, medical bills, burial costs and costs related to the estate of the deceased. In order to avoid your loved ones having to deal with these costs, you should get life insurance.
The earlier you purchase life insurance, the better. Unlike some things that get better with age, life insurance does not; the younger you are when you buy the life insurance policy, the more likely you are to get better premiums. Some policies will take the rate you are being charged at the age of purchase and make that the rate you will pay for the rest of the life of the policy. That means even when you get older and your health fails, you will still be paying the rates of a young and healthy person.