Should We Buy Life Insurance While We are Still in Debt?

Absolutely! Buying term life insurance while you’re still in debt is one of the smartest financial moves you can make. Dave Ramsey and his team do not include it in the Baby Steps because it’s not something you wait to do—it’s an immediate necessity. When you’re in debt, your family is most vulnerable to financial hardship if something were to happen to you. That’s exactly why this is the most important time to have coverage in place.

The good news is that term life insurance is typically very affordable, so there’s no reason to put it off. Dave strongly believes that if your absence would create a financial struggle for your family, you need term life insurance—no matter where you are in your financial journey. Over time, as you pay down debt and build savings, the need for coverage naturally decreases. That’s why a 15- or 20-year term is usually enough to bridge the gap until you reach financial security.

At Zander, we understand the Baby Steps and are here to help you find coverage that fits your budget. Call us at 1-800-356-4282 to explore your options, or compare quotes online today. The right term life policy can be a game-changer, especially while you’re working toward financial freedom!