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Why get life insurance

Why is life insurance important?

Life insurance is there to help protect your family from financial hardship. Here are some other reasons to consider.

Life insurance can often be confusing. Many people know what it is, but they aren't really sure why they may need a policy. This can lead to people putting off getting a policy or, worse, not getting one at all.

If you want to help ensure your family is going to have income and better be able to pay off debts after you’re gone, then life insurance may be very important. Here's why it matters.

Who needs life insurance?

Life insurance isn’t just for those who are married with children. Life insurance can help provide financial assistance to family members and loved ones in case of your untimely death. For younger individuals, life insurance could help your family avoid taking on the burden of your college or other debt you may have acquired over time. If you are in your golden years, life insurance could help your loved ones provide the kind of funeral you envision without putting a financial strain on them. For those that have established a thriving business, life insurance could help ensure the future of your business even if you were not there. Even children with life insurance can lock in lower premiums, securing coverage for the future.

No matter your age or stage of life, life insurance could be a valuable tool to help protect those you love.

Provide for lost income

One of the primary reasons people get life insurance is to help ensure their loved ones won't face financial hardships if they pass away unexpectedly. If you're married and have kids, this can matter a lot, especially if you're the primary breadwinner. Without your income, your family might not be able to afford your mortgage or cover tuition costs. Your life insurance death benefit can help pay for these.

Also, keep in mind, if you are a stay-at-home parent, the value you provide through your work with your kids and at home is important. If you were to pass away, your spouse would have to pay for the services you provide taking care of your family.

Life insurance is important even if you don't have a spouse or children. If you have a partner you share finances with, for example, they might not have the funds to cover the bills that you normally split.

Help cover bills and debts

The same is true for paying for bills and other types of debt.

If you pass away with credit card debt or a car loan, for example, then that debt doesn't disappear — someone will have to pay for it. In many cases, that could be your spouse or partner, and, if you are single, your parents or siblings. Having life insurance can help cover these payments so the costs aren't left to your loved ones.

Your life insurance policy can also help pay for your funeral service and burial. This can help alleviate the burden your loved ones might face trying to pay for it.

Reduce stress

When a loved one passes away, it's always an emotional and stressful time. This already difficult period can be more challenging if there are concerns about replacing income and covering bills.

While your life insurance policy can't solve every problem, it can provide a bit of a buffer for your family to get back on their feet. Knowing they have your death benefit to cover the mortgage, for example, can give your spouse the time they need to move forward at their own pace.

Some common myths and excuses around life insurance

There are a lot of reasons why people think they don't need life insurance. Here are some of the most common myths and excuses — and why they may not add up.

  • I have life insurance through my employer — A lot of jobs offer a group life insurance policy that's usually one or two times your salary. While that's a good start, in many cases, it won't be enough for your loved ones to replace your income over the long term. Plus, if you leave your job, that policy often won't travel with you.
  • It's too expensive — There are a lot of different types of life insurance policies, making it possible for virtually anyone to find something in their budget. If you're young and healthy, policies tend to have a very affordable monthly premium.
  • I don't know anything about life insurance — Life insurance can sometimes feel like a confusing topic. Sitting with a financial professional or life insurance agent can be really helpful. They can walk you through the policies that best fit your needs and help you figure out how much coverage you should have.
  • I can put that money into my savings — Life insurance shouldn't be something that you look at as part of your retirement plan. Rather, it's there to help your loved ones after you pass.
  • I don't have the time — You can complete most of the paperwork for many life insurance policies online from the comfort of your living room. If you need to get an exam, these typically only take about 30 minutes.
  • I'm single so I don't need insuranceA common misconception is that a single person without children doesn't really need to buy life insurance. There are many ways as a single person that you could use life insurance to take care of financial obligations that might potentially burden those you love should you die unexpectedly, such as outstanding debts or funeral expenses.
  • I'm young so I don't need life insurance Especially if you’re young, your untimely death could prove overwhelming to family and friends. Easing the financial burden of debt repayment and/or funeral costs could help make things just a little easier for your family at this unimaginable time. If you are young, you may also be able to lock in a lower rate for insurance coverage into the future, assuming you continue to pay premiums without interruption.

Why do I need life insurance?

Getting a life insurance policy is vital for ensuring your family's security in the future and your peace of mind today. You want to make sure your loved ones will be protected and have financial security if the unexpected should happen to you. Everything from medical bills and funeral costs to mortgage payments and educational expenses can be a drain on all you've worked and saved for. That's why we believe it's essential to have financial protection in place for your family in the event of your death.

You can quickly and easily get a quote and start the simple application process right now. Protective makes it convenient and easy to apply for the dependable coverage you want through a streamlined online process that's as close as your fingertips. If you need help with your free life insurance quote from Protective, or any step of the application process, we're here for you.


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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective or its subsidiaries.

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