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When To Buy Life Insurance

Many people come to us to discuss their financials and we tend to see one common gap in their financial planning. That gap tends to be life insurance. Maybe they have a small insurance policy at their job, or none at all is even more common with business owners in Pittsburgh.


While the financial management of your business and investments is extremely important. Buying life insurance that fits your needs is also a part of that plan. We suggest having a conversation about your life insurance when one of these events in your life occur:


  • Buying A house

  • Getting Married

  • Having a Child

  • Taking on Debt


Buying A House

When buying a house, the owner is generally taking on a sizable amount in debt. Also, a property is not something that can be liquidated quickly for cash. The actual debt of the property is something that can be inherited and needs protected. Also, income will be required for decades to pay this mortgage off in many cases. It will be important to protect your income for at least the length of the loan.





Getting Married

Congrats you guys took things to the next level, and are officially married! When you get married your finances get married as well. This means you must consider each other's debts and income. If something suddenly happens and that income from one of the partners is gone, it will generally be impossible to maintain the same standard of living. This is where life insurance becomes a necessity. It protects the income for that spouse to try to at least continue living their life and paying down any debts that will be inherited.




Having a child

When you have a child or have little children, they are dependent on you. This is common sense. The problem is, most people don't really consider how long. Yes when you are 18 you are officially an adult, but really how many of us could take care of ourselves at this age. Generally people will be dependent on their parents until after school at around age 21-22. You must protect your income for this time frame as a parent in Pittsburgh, to ensure that child can keep the same lifestyle if god forbid something were to happen to you or your spouse.



Taking on Debt

Debt is an ugly 4 letter word. It's even worse because most debts will be inherited by the spouse of a loved one if something happens. This is especially true for student loans! Also, many parents will have co-signed for you putting them on the hook if something happens to you. If you have massive student loans in Pittsburgh, or have taken on substantial debts with a business, it's prudent to get a life insurance policy to protect those.




These are the major events we all face in life that will create a need to buy life insurance. Luckily the process has become very streamlined. It also is great that in most cases you can get a quote online for your insurance. You can simply contact us and we can broker your policy out to many of the top carriers to provide a competitive rate for you and your family without ever leaving your house.

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