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You may not know if you are going to be involved in a car accident.
You probably don’t know if you will lose your home in a fire.
You do know, however, that you aren’t going to live forever, right?
Most fully understand the value of insurance in providing protection against events that MAY happen. Yet, some don’t seem to grasp the importance of life insurance. Is it possible there can only be one of two explanations?
Either one believes they are going to live forever, or they don’t think they need life insurance for some other reason.
If you believe you are going to live forever, there is likely not much we can say to change your mind. You may want to look more into the evidence, however.
If you don’t think you need life insurance for other reasons, what could they be?
You are independently wealthy.
This, actually, is a pretty good reason, although there are some tax benefits to passing on wealth through life insurance proceeds.
You are young, single, healthy and debt free.
Another pretty good reason. Keep in mind however, that life insurance is at its most affordable when you are young and healthy. There will also likely be final expenses that someone will have to pay, and even a simple burial or cremation can cost into the thousands of dollars.
You just got out of college.
Congratulations. If you just graduated college without having large student loans, credit card debt or even a car loan, you are in a good place. Most college grads have significant debt however, and will still have final expenses to account for. Oh, and those credit cards.
You just got married.
Sorry, this is a reason TO get life insurance.
You just had a child.
See the above.
You just purchased a house.
Now you may be seeing the picture. Many of the reasons people use to NOT get sufficient life insurance are the very reasons they SHOULD be looking into it. As we move through life, our needs may change, but life insurance still usually plays a role.
As parents or grandparents, securing even a modest life insurance policy on kids or grandkids can put them on better financial footing in the future. Contact one of our independent insurance agents to discuss your personal situation. Odds are life insurance should be playing a role in your financial plan. That is, unless, of course, you are going to live forever.