Is Life Insurance Really Worth It?

The need for life insurance has always been up for debate. The truth of the matter is it’s really dependent upon the individual. Young adults with families are the top purchasers of term life insurance. They want to protect their children. Those that are older look towards whole life insurance to protect their retirement future and spouses. There are advantages and disadvantages to each age bracket. It’s up to you to determine what suits your current situation and you need to consider changes to your future. Here are a few tips to determine if life insurance is really worth it for you.

Income Replacement
Going into the medical field, you will see the young and old pass away leaving their families devastated. If you don’t already have a family what would you do once you do have one? Your steady job will have them used to a certain quality of life. You are working hard in school to provide a better future for yourself and family. It is well worth it to protect the time and investment you are currently putting into school and your career. If you die before your family are capable of handling themselves, went on to college, and started a family of their own, would you have a piece of mind?

Debts
There are many debts that go into taking medical student loans. Some medical professionals, including highly respectable doctors, are paying their loans off for years to come. Along with student loans come a mortgage, car note, car insurance, medical insurance, children daycare costs, credit cards, and so much more. Are you prepared to pass away and feel they are secure in paying off your debts or do you feel they may drown just going through the paperwork?

Burial costs
The costs of funerals can run up into the high thousands of dollars. Life Insurance is a way to help cover some of all of those expenses. It’s enough to deal with your unfortunate death than to have to also deal with the expenses and making decisions about how you are buried.

Retirement
The healthcare industry is one of the few industries you will still find pension options. Just as other industries have slowly pulled away from retirement options for seniors it’s possible the healthcare industry will as well. People get sick and will always be sick so there is a secure future for you. It’s up to you if you can properly save and invest to keep a bright retirement future for yourself and spouse.

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