But buying life insurance is also one of those things many people put off for any number of reasons, the leading one being the “perceived cost.”

With continued inflation, economic uncertainty, and limited budgets, you may be wondering if life insurance makes sense for you in 2023. Here are three reasons why it might:

1. Buying life insurance in 2023 could turn out to be much more efficient than waiting. If you think you will need life insurance someday, you may be better off purchasing while you’re younger (and probably healthier), before premiums might become more expensive.
2. With increases in prices for just about everything, your loved ones will need even more financial protection down the road. Consider this: if you had $500,000 of life insurance just a year ago, you’d now have lost nearly 8% of its buying power due to inflation–that’s $40,000! Purchasing life insurance – or boosting the coverage you already have–is one of the easiest ways to help keep pace with inflation.
3. Tumultuous times often leave us with both planned and unplanned debt. If you’re in the market for a home or a car, current interest rates may leave you saddled with a hefty mortgage or auto loan. Debt incurred from unforeseen circumstances like a job layoff or health crisis could also add up. Now is the time to make sure your life insurance benefit could cover these financial responsibilities, which might otherwise fall upon your loved ones.

As you’re planning for 2023, don’t put off life insurance. There are ways to buy life insurance on a budget. In times like these, it’s more important than ever to protect your family’s financial future.

Learn more about life insurance.

¹ 2021 Insurance Barometer Study, Life Happens and LIMRA, LifeHappens.org.
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