In life, nothing’s certain other than “Death and taxes” and although it may be a morbid topic of conversation for many of us, the fact is that unfortunately we never know what’s around the corner. When we’re younger we think that we’re invincible and indestructible and that we’ll live forever. As the hands of time begin to slowly catch up with us however, we begin to get little wake up calls and reminders that perhaps we aren’t as untouchable as we once believed we were, and that we should perhaps start planning for the future, especially if we have family and loved ones to consider. Life insurance is vital when it comes to securing the future of your family and loved ones, though often we find that there’s a pretty vast gap between the actual amount of life insurance coverage we currently possess, and the amount of term life insurance we require. Through various stages in life, different quantities of term life insurance will be required. If you’re unsure about whether or not you require any additional term life insurance, or just want to double check to be sure that you’re currently covered, here are three scenarios in which you may require more term life insurance.

You’re purchasing a home – If you have plans on buying your very own home, or even if you’re planning on refinancing the mortgage of your current home, term life insurance may be required. A simple method of deciding whether or not additional term life insurance is required, is to ask yourself whether realistically, your family could keep up mortgage payments on the house if you were gone. If the answer is no, term life insurance could be strongly recommended.

You’ve recently had a baby – Although having a baby is one of the most magical and rewarding experiences of your entire life, the simple fact is that a new baby can place a pretty substantial strain on any new family’s finances, no matter what your circumstances may be. Raising a child is far from cheap, in fact it can cost a small fortune, and if a source of income is lost or reduced due to the loss of a parent, the remaining parent will require a great deal of financial assistance in order to continue supporting the family. With the addition of new babies, the amount of term life coverage often has to be adjusted pretty substantially.

Debt – Nobody wants to be in debt but unfortunately for some it is unavoidable. Your current term life insurance may indeed be enough to be able to cover the cost of your current mortgage, but if you have other debts, credit cards for example, what happens then? If you were to die, not only do your loved ones have to cope with the grief and heartache of losing you, they also have the responsibility of covering your debts. Term life insurance will allow your family and loved ones to pay off any debts you may have had, meaning you don’t have to worry about the possibility of landing those you love more than anything, in huge amounts of debt.