Why do I need life insurance?
Well of course you don’t need life insurance. After all, you eat healthily, exercise regularly, don’t smoke, don’t drink, don’t overindulge in anything and are planning on living forever, right? I mean, there are better things to spend money on than life insurance?
This could be perceived as being simplistic thinking because, really, no one knows what awaits them around the next corner and your lifestyle choice is only one part of the equation. You may very well be a careful driver but that doesn’t stop you from insuring your automobile.
Now while you won’t get a new life from life insurance if you die, you will be able to have a certain simple feeling knowing that your family, the loved ones that you care for and go to work each day to support will be able to manage the day to day financial issues should an untimely event happen to you, which causes the loss of your life.
It doesn’t matter that death is inevitable and that it happens every day, we still don’t really want to think about it actually happening to us. Nevertheless, it is something that everyone, particularly those of us with spouses and children to consider, should make the time to arrange for. Losing a family member is usually traumatic even in the ideal of circumstances, so it is worth considering the fact that on top of the feeling of grief and loss your family is bound to feel on your passing, as well as the nightmare that’s organising a funeral, the last thing you want is for them to have to start worrying about how to make your mortgage and loans repayments in the years to come.
Even if you’re one of the lucky ones that are able to have cash in the bank, it won’t take long for that nest egg to dwindle to zero under the right conditions. And that, is one of the main reasons that a level headed adult looks into life insurance when they’re still healthy and ahead of the game.
Thinking of death, especially when you’re a young couple or family, isn’t something that most people want to do, but it IS something that should actually be on a high priority list of things to do as soon as possible in your adult life, and especially if you’re starting that life with another person or persons who are or might become dependent on you.
Disasters, emergencies and tragic events generally don’t let you know they’re going to happen. They come out of the blue, there’s never a good time for them to happen and they have the ability to be devastating. Fit, healthy and happy people are killed in car crashes and train wrecks every day, and you can guarantee they weren’t planning on that day’s particular chain of events. Usually the best we have the ability to hope for in an emergency is that luck will be on our side. It is, however, considerably wiser to provide for the financial outcomes of life’s disasters by taking out protection for your life in the form of a good life insurance policy.
It is widely accepted in sports and wars and everyday life, that a good offence begins with a great defence and in this case the insurance isn’t just a great defence, it really is the only defence against financially crippling events that are tossed our way when we least anticipate them.
Now the main focus of this article so far has concerned couples and families with mortgages and the responsibilites that these situations entail. But what if you’re a young single person who is living life to the full and whose only responsibility is covering the rent on your apartment and making sure your monthly bills are covered? Where could you possibly fit into all this? Well loved ones aren’t just those who you marry and have children with but those who have brought you into this world and looked after you. Would you want to burden them with the financial demands of your passing along with the grief that it would entail?
Only you can decide if you need life insurance. After all, it isn’t compulsory. But I think that if you give it a moment’s real thought, and consider the people you would be leaving behind, you will see that there aren’t many people in this day and age who wouldn’t be doing someone a favour by insuring their life.
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