Fraught with Worry – and 5 Other Signs You Need Term Life Insurance

If you can’t shake worrying about the financial security of your family, that’s a sure sign you need term life insurance. Five other signs you need term life insurance include having children, owning a home, owning a business, not having access to employer-sponsored life insurance, and thinking you can’t afford it. Use our term life insurance calculator below to find cheap term life insurance rates. Protecting your loved ones with a term life insurance policy could give you the peace of mind you need.

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites.

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Worry. As a parent and business owner, I struggle with it from time to time. I’ve gotten better at managing it, but I still occasionally fret over things that aren’t within my control.

I’ve learned there’s nothing more productivity-zapping, mentally distracting, and just plain exhausting than lying awake at night wondering, “what if.”

So, what’s the best way to put worry in its place? Do what you can to mitigate risk.

For instance, I no longer agonize over the possibility of losing my computer files because I’ve backed up all my data in the cloud. And I’ve subscribed to an identity theft monitoring service so I’ll know quickly and can act promptly if anyone steals my personal information.

But what if you find yourself losing sleep over what might happen if you weren’t around, and your family would need to make ends meet on its own?

If you can’t shake worrying about the financial security of your family, that’s a sure sign it’s time to do something about it. Protecting your loved ones with a term life insurance policy could give you the peace of mind (and good night’s rest) you need.

But the excessive worry isn’t the only reason to look into getting life insurance.

5 Other Reasons You Should Consider Getting Term Life Insurance

Permanent life insurance costs too much for your budget.

Term life insurance policies are flexible and cost less than whole (permanent) life insurance policies. If you’ve gotten a quote on whole life insurance in the past but found you couldn’t afford it, get a quote on term life insurance instead. You can get policies with term periods of 5, 10, 15, 20, 25 or 30 years. The premiums are lowest on shorter term policies.

You have a spouse and/or children.

In short, you have important people in your life who you want to protect and look out for. You might consider a term life insurance policy to provide coverage until children graduate from college or until a certain debt is paid (such as a mortgage). 3 in 10 people wish their spouse or partner had more life insurance. Is your significant other thinking that, too?

Your employer doesn’t provide any form of life insurance.

And even if the company you work for does, will it be enough to give your family the protection it needs? 50% (58 million) of U.S. households say they need more life insurance. Term life can fill in the gaps and augment employer-provided coverage. It can also provide coverage beyond the end of your employment. And even though some companies allow you to take the policy with you when you leave, the cost is almost always unreasonable. It can be 3-4 times the cost of your own personal policy.

You own a home.

A mortgage term life insurance policy can help your family afford to maintain and keep ownership of your property. Wouldn’t it be nice to know they’ll always have a roof over their heads?

You own a business.

Like your home, the business you’ve built is an asset worth protecting. A term life policy can help ensure your family can keep your business running if they choose to.

Although 85 percent of Americans say most people need life insurance, only 62 percent have coverage. I suspect that means 38 percent or more of our friends and neighbors worry about how well their families would be able to pay for funeral expenses, utility bills, their mortgages and loans, food, and education costs.

That’s an awful lot of people lying awake in bed at night.  If you’re one of them, take a look at term life insurance rates. You might be surprised at how affordable a policy can be (learn more here: Affordable Life Insurance)

Getting a term life policy could help put your spouse and family in a better position to take care of themselves – and it just might spare you from another sleepless night.

Statistics Source: LIMRA

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