Life insurance is a topic no one really wants to talk about. 1. It’s boring and 2. Many of us don’t want to be forced to think about our life ending and what it means for our loved ones afterwards.
But like Nike – just do it. Get a quote. Still, we all find reasons as to why we don’t, want, need or shouldn’t get life insurance. Reasons range from compelling, bad to silly. Life insurance is one of those things that while you won’t be around to reap the benefits, your family will thank you for it should the need arise upon your death.
That said, if you’re one of those avoiding it, let’s see if your reasons for doing so fall into the category of silly, bad or compelling:
I Can’t Afford It
If you are the primary bread winner in your family and heaven forbid you pass away today, can your family afford not to have it? How will your family continue to meet their obligations should you meet an early and unexpected demise? These are things to consider when dismissing the notion of being able to afford life insurance.
I Don’t Need It
Says who? Does your mortgage need to be paid after you die? How about your kid’s school tuition? Credit card obligations? Any expense that you pay out now will likely continue after your death. This is why you need life insurance.
I Don’t Want To Think About It Right Now
I’m with you on this reason. No one wants to think about their death and what that means for them and their lived ones. But the reality is that you have to think about it before it’s too late. Tomorrow isn’t promised to anyone and we don’t get a pass on our obligations (most of them) if we die.
Further, leaving your family with the burden of having to take over your financial obligations upon your death is not only inconsiderate but irresponsible. During that time, the last thing they should be forced to think about is whether they can afford to carry on your financial obligations.
My Kids Don’t Need It
Getting your kids life insurance now, ensures that they’ll be able to get life insurance later on in life. Why? Premiums rise and medical conditions crop up. They’ll thank you once they are older.
The Life Insurance At My Job Will Cover Everything
Come on, the measly $50,000 (and that’s generous) given at our day jobs will barely cover final and ongoing expenses upon death. It is best to take a look at your total financial picture and determine if the amount given at your place of employment will suffice. Unless you live in an extremely low cost of living area, the life insurance given at your place of employment will not cover your mortgage.
Life insurance. We hate thinking about it. But it’s one of those things we’ve gotta tackle to ensure our family’s well being upon death. Just do it. Your family will thank you later.