It’s no secret that debt is a major issue that nearly all Americans face. Between school loans, mortgages, and car payments, Americans are paying off a lot of debt. Increasing amounts of debt mean that life insurance is more of a necessity than ever before.
Debt affects all financial aspects of life. Employees are spending more money paying off debt and contributing less money to their retirement savings. Once retired, retirees are often paying out of pocket costs for healthcare that must come out of their savings. This means that while employees are contributing less for retirement, they are likely to need even more than previous generations.
With most households relying on two incomes, it is difficult to imagine how debt can be handled without one or both of those incomes coming in. With student loans, mortgages, and car payments on top of everyday expenses, it more often than not takes teamwork to get debt under control.
Life insurance is incredibly essential to protecting your family’s financial wellbeing. Life insurance will assure that outstanding debts are handled in the case of the loss of a partner. You can use a life insurance death benefit for kid’s college tuition, or to assist with retirement contributions, making the financial loss easier to manage.
With these increasing amounts of debt, consumers can save drastically by talking to an agent about life insurance as soon as possible. Younger, healthy people usually qualify for low rates. You save money by getting started early!