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8 Situations Where You Should Buy Life Insurance

8 Situations Where You Should Buy Life Insurance

If you think life insurance is only for wealthy people, you’re in for a big surprise. Life insurance is so important because it protects people who depend on you financially, if you die. It pays one or more beneficiaries as soon as you pass away so that they can pay expenses and replace your lost income.

One of the top reasons people who need life insurance don’t buy it is because they think they can’t afford it. But here’s the rub: studies show that consumers actually overestimate how much they believe life insurance costs—by as much as three times!

Did you know that if you’re in your 30s or 40s, you can get a 10-year term life policy that pays $500,000 for around $20 to $25 per month? In my book, that’s a bargain!

When Should You Buy Life Insurance?

Here are eight instances in life where it’s time to step up and buy a life insurance policy:

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1. You’re the breadwinner.

If you’re the only person earning money to support your household, you need life insurance. Think about what would happen to your spouse or children if you weren’t alive. Would there be enough to pay for ongoing expenses like a mortgage, rent, or daycare?

2. You co-signed for debt.

If you have debt in your name only, no one is responsible to pay it except you—even after you die.[1] The money in your estate must be used to settle your debts and if there isn’t enough, creditors are generally out of luck.

But if you co-signed for debt with another person—such as a credit card, mortgage, or student loan—that’s another story. Anyone named on a joint account with you would be responsible for 100% of the debt if you die. So having life insurance to cover outstanding debt on joint accounts is very important.

Also, if you’re married and live in one of the nine community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), your spouse may still be responsible to pay the debt acquired during your marriage, even if it’s in your name only.[2]

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3. You take care of aging parents. 

If you’re single and have financially dependent parents, then you need a life policy to keep them secure if you aren’t capable of being around to care for them.

4. You want your children to get a college education.

The cost of higher education rises every year and few students can graduate from college without going into debt. If you want to pay for a child’s private school or college education, life insurance is a surefire way to make sure it can happen, even if you’re not alive.

5. You want to leave cash to heirs.

If you have multiple heirs, leaving cash from a life insurance benefit, instead of assets (like houses or cars), is an easy way to distribute wealth in the proportions you want. For example, if two children inherit a house that’s paid for, one might want to keep it as a vacation home, but the other might need to sell it because he can’t afford the annual taxes and insurance.

6. You don’t want heirs to pay estate taxes and fees.

If you have a large estate, there will be taxes, as well as legal and administrative fees that must be paid. Sometimes heirs are forced to sell estate assets in order to afford these charges.

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You can use life insurance as an estate planning tool to fund your estate’s liability and make sure your heirs receive exactly what you want.

7. You have a family member with special needs. 

If you have a child or other family member with special needs, you may need permanent life insurance.[3] This is a type of policy that covers your life no matter when you die and has a savings component, in addition to a death benefit.

8. You want your funeral costs covered.

A traditional funeral that includes a burial can cost over $10,000. Consider what kind of funeral you want and whether your family could afford it if you didn’t have life insurance.

If you already have life insurance, review your coverage at least once every few years, or whenever you have a major change in income, expenses, or family status. The need for coverage changes as you enter a new stage of life and you may need more or less coverage than you did before.

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You can calculate the amount of coverage that’s right for you and compare rates at sites like insuranceQuotes.com and netQuote.com. Remember that life insurance isn’t a luxury—it’s a necessity that’s truly affordable for the vast majority of consumers who need it.

Featured photo credit: zimmytws via shutterstock.com

Reference

[1] Quick and Dirty Tips: The Truth About Debt and Death
[2] Wikipedia: Community property
[3] InsuranceQuotes: What is Permanent Life Insurance?

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Laura Adams

Personal Finance Expert & Analyst

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Last Updated on February 11, 2021

Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

Imagine receiving a regular supply of free samples through your letterbox?

These free samples by mail could include things such as cleaning products, cosmetics and packaged food.

Free samples are a great way to try out some of the latest products. One week you may have a new toothpaste to try – the next week you may be snacking on a delicious chocolate cookie sample.

As the saying goes, variety is the spice of life. And by requesting free samples by mail (I’ll show you how shortly), you’ll have not just variety – but fun too!

Tell Me More About Getting Free Samples Sent to My Door!

So, it looks like I’ve caught your interest. That’s great news!

Just before I introduce you to 10 places where you can get free samples by mail, let me clarify a couple of things.

Firstly, all the places I’ll talk about are currently active in sending out free samples to consumers. (In other words, no links to out-of-date or dead pages!)

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Secondly, location is key. If you live in North America, then you’ll have a wide selection of places to sign up to. In other locations (for example, Africa, Asia and Europe), you’ll have fewer choices – but free samples by mail are still a possibility.

Lastly, to whet your appetite for the freebies, here’s a short list of product examples:

  • Pet food.
  • Beauty products.
  • T-shirts.
  • Greeting cards.
  • Wallets.
  • Snack bars.
  • Vitamins.

Free Samples by Mail… Tell Me Where to Get Them!

It’s now time to share my recommendations for the best sites to claim free samples from.

Let’s start with…

#1 SampleSource

    This company sends out boxes of 6-12 free samples about four times a year. Products include baby wipes, cereals and tissues. Register with SampleSource to be notified of the availability of their free samples. (Canada and U.S. only.)

    #2 Influenster

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      As their name suggests, Influenster wants to send free samples to you in exchange for you sharing about the products on your social media accounts. Once you’ve become a member (join for free!), they’ll send you a box of free goodies every few months. The more you share pictures and reviews of the products – the more free samples they’ll send you! (All major territories.)

      #3 PINCHme

        This organization will send you free samples in the hope that you’ll then go out and buy the equivalent full-size products. To receive regular boxes of free food, drink and cosmetic samples (and sometimes coupons), then sign up and create your profile. (U.S. only.)

        #4 House Party

          Thinking of throwing a house party? If yes, then be sure to sign up with this company. They’ll send you a box of ‘themed’ products and services that you can hand out at your party. Register with House Party. Wait for the fun freebies to be mailed to you. And then start sending out your party invites! (Worldwide.)

          #5 YoFreeSamples

            This site is a great resource for a whole host of free samples that can be mailed directly to your door (with no survey requirements!). You’ll find anything from books to perfume, with new offers listed daily. Head over to their site to see what’s currently available. (Mostly U.S., with occasional offers for other countries.)

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            #6 Magic Freebies

              The U.K.’s most popular freebie site. Register for their email newsletter, and they’ll send you a daily email with eight free sample offers. These include products such as disposable razors, dog bowls, and even fake tan! So, what are you waiting for? (U.K. only.)

              #7 SweetFreeStuff

                Since 2002, this simple site has been linking to the best free sample offers currently available. To get started, sign up to their daily email newsletter, which contains links to the latest offers. As well as free samples, SweetFreeStuff also gives information on coupons and deals. (Worldwide.)

                #8 Sample A Day

                  Would you like to receive a notification of a new free sample every day? Well, that’s the promise from this site. They claim to thoroughly research all offers, ensuring there are no catches or hidden surveys! From baby products to socks, this site is sure to have something for you. Registration is super-easy. Simply enter your email address. (Australia, Canada, U.K. and U.S. only.)

                  #9 Pretty Thrifty

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                    This site specializes in free beauty products, but also lets you claim free samples such as energy drinks, snack bars, and even magazine subscriptions. Pretty Thrifty has more than 85,000 followers on social media, so clearly knows how to attract free sample hunters. One thing that makes Pretty Thrifty stand out from most of their competitors, is that their email newsletter is available in daily, weekly and monthly formats. (Mostly U.S., with occasional offers for other countries.)

                    #10 CrazyFree

                      My final tip for getting the best free samples by mail, is Australian company CrazyFree. Their funky website offers big brand free sample offers, which currently include items such as Dolce & Gabbana perfume, Coke Zero, and Happy Dog pet food. To claim the offers, select the free samples you would like, and then complete their registration form. (Australia, U.K. and U.S. only.)

                      Receiving regular free samples by mail is a fabulous way of testing out the latest products on the market (and some that aren’t even on the market yet!)

                      You’ll impress your friends and family with all the free stuff you’ll be receiving. And take it from me… it’s a fun, free and rewarding hobby.

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