Do I really Need Life Insurance? YES!
by: Kris Castle
There are lots of reasons I hear from clients to put off buying life insurance:
- It’s too expensive.
- I just haven’t gotten around to it.
- I have some at work.
- I don’t want my spouse to have fun with another person with my life insurance money.
- I’m too young to need it.
It’s too expensive.
According to www.lifehappens.org, life insurance is almost always less expensive than you would expect. If you can afford a boujee coffee a couple of times a week, you can afford life insurance.
The price of life insurance is based on a number of factors, but the most important are age, health and the type of policy. In general, life insurance is cheaper the younger and healthier you are.
I just haven’t gotten around to it.
Unfortunately, lots of people do not get around to purchasing life insurance until they need it, at which time is usually too late. Maybe they are diagnosed with an illness or condition. Maybe they are in a fatal car accident and “were going to get around to it soon.”
There are all kinds of “EXPRESS” life policies that can make the process quick and easy. Your family will thank you for taking the time to take care of them.
I have some at work.
Life insurance at work is a lot like renting, meaning it does not go with you when you leave and you lose the benefit. It’s great to have a policy at work, but think of it as the “icing” policy and get a “cake” policy that you have no matter where you are employed.
I don’t want my spouse to have fun with “my” life insurance money with someone else.
Ok. Don’t be a jerk. Think about the people you love – your spouse and kids – having enough money to stay in their house, stay in the same school district, and having enough money for your funeral. Life insurance funds can help your children go to college or otherwise prepare for their future.
If you don’t leave funds for your family to replace your income, the chances of them getting into trouble financially and needing to find another spouse to help out with finances is much higher.
Do the right thing.
I’m too young to need life insurance.
You will never be younger than you are right now! Even if you don’t have a mortgage, spouse, or kids, you probably will some day. Buy a policy that would cover a mortgage and funeral in your area. Your future self and spouse will thank you!
There are countless examples I could give of friends or family members that were healthy one day, and diagnosed with a condition that makes them ineligible for life insurance the next.
A healthy 22 year old can buy a $500,000 policy with a 30 year term for about $30 per month. That same policy for a 44 year old will be double or triple that amount, providing there are no extenuating health issues that have popped up.
I know you think you are invincible. I hope you are….but just in case…don’t wait.
For more information about life insurance in general, check out www.lifehappens.org. or contact our office. 502-603-0397