For many people, tax refund time is kind of like Christmas in the spring – only you don’t have to hang all the decorations! When you get an extra check in the mail, it’s natural to start thinking about all the cool stuff you can buy.
I have to tell you, there’s no better time than right now to FINALLY get life insurance. Of course, I’m a life insurance guy, so that’s what I would say. But hear me out. There are 4 really good reasons you should at least think about buying now:
1) You have the money in your hands! Sure, you could buy a few “toys” which will be fun for a little while, but wear out and break later. Or you can use your money on something that will last…something that will be worth more than you pay to get it.
2) Term insurance is cheaper than ever. It’s shockingly affordable.
If you’ve ever hesitated to get life insurance because you worried it would cost too much, maybe this example will put your mind at ease:
A 40-year old man (non-smoker) with average health can get $500,000 worth of coverage for a 25-year term for just $899/year or $78.66/month. If he paid upfront for the whole year, he would still have $1916 from his tax refund to play with.
3) The younger and healthier you are, the lower your premiums will be. Even if you’re working on improving your health, the clock is still ticking. Science hasn’t found a way to stop people from aging yet. And even healthy people fall victim to unexpected accidents and illness. If you’re healthy and apply now, you never have to worry about an accident, diabetes diagnosis or cancer scare sending your rates through the roof.
4) You know you need it. You don’t need a new Apple watch. You don’t need to trade in your 37’ LCD television for a 40’ LED. Your kids don’t need the newest cell phones.
But if you die, your family will need to cover your final expenses. They probably will need to replace your income. They’ll definitely need time to grieve. Now, you can hope that you live forever, or that you have a couple million dollars in the bank when you do go…or you can prepare now, just in case the dream scenario doesn’t quite work out.
You get to make that choice.
(Here’s the cool thing: with premiums like the one in the example above, you can take care of your life insurance and still have cash left over to spend on a toy or two.)