Some people scoff at the idea of having life insurance. Often, their dismissal of this financial product is rooted in the fear of their own death. Other times, they disregard the possibility that that day will ever come. And other times it’s a cost issue – they simply feel that there are better ways for them to spend their limited wealth.
There are all kinds of reasons for not doing anything, and even not buying life insurance. Yet your life isn’t better because you don’t have life insurance. In fact, it can be considerably worse.
It’s All About Risk Reduction
Any type of insurance that you purchase for any reason is all about risk reduction. No matter what our perceptions of life and the world are, it all comes with a considerable amount of risk. Since we can’t know what can go wrong, and how much it will cost, we purchase insurance for as many eventualities as we can imagine.
We have health insurance to cover injuries and illness. There’s homeowners insurance to protect against threats to your home. Auto insurance is used to protect the value of your car, as well as to provide for liability to others in the event that we are the cause of an accident. And then there’s disability insurance, to replace income in the event of the inability to work due to injury or illness, as well as business insurance to protect against various risks that are inherent in owning and running a business.
But it’s not just life that’s risky – your own life comes with its own risk. And that is the risk that one day you will die. Life insurance can mitigate that risk, by providing financial benefits to your loved ones so that they will be provided for when you are no longer around to provide for them. And even if there is no one who is directly dependent upon your income or financial resources, there will be final expenses that will need to be paid in the event of your death. Life insurance will cover all of that.
Life Insurance is Peace of Mind – And Your Last Gift to Your Loved Ones
While we normally think of life insurance as providing a death benefit, it does provide a very important “living benefit”, and that’s peace of mind.
If you have a spouse or children, or other family members who are dependent upon you for support, you probably spend some amount of time worrying about them. You may worry about the risk of injury, or other unfortunate circumstances. But most people spend at least some time worrying what will become of their families if they are no longer around to care for them.
This is where life insurance comes into the picture, and provides peace of mind. Life insurance isn’t just an expense – it represents an opportunity for you to provide for your loved ones even after your death. In a very real way, it represents the last gift to your loved ones.
That alone can bring about tremendous piece of mind. Since you will have the possibility of your death – and its negative effects on your loved ones – covered by a life insurance policy, you will be free to worry about the day-to-day concerns of taking care of your family. You’ll no longer have to worry what will happen to them when you aren’t around anymore.
Term Life Insurance is a Lot Less Expensive than You Think
One of the biggest reasons why someone might think that life is better without life insurance is because they believe that they are saving money on the premiums. They may reason that they want to spend their money on life, and not on a provision for their death. They may even believe that not having life insurance is providing them with a large annual financial windfall.
And they will be completely wrong.
The thing is, you can probably purchase a very large amount of term life insurance – like several hundred thousand dollars worth – for no more than a few hundred dollars per year. Even if money is tight, you can probably pay for it by giving up a couple of meals each month at a fast food restaurant. When you consider how much money your family will receive upon your death as a result of that small sacrifice, not having a life insurance policy makes very little sense at all.
Even better, you can usually work an inexpensive term life insurance policy into your budget comfortably. You can set it up to have the premiums paid annually, semiannually, quarterly, or even monthly. You can also have it either payroll deducted, or automatically withdrawn from your bank account or charged to your credit card. Set it up that way, and you won’t even know that it’s happening.
Having Life Insurance Doesn’t Make Your Death Any More Likely
Since the fear of death can prevent a person from purchasing life insurance, it’s important to realize that having a policy won’t make your death any more likely.
It’s really just a contingency plan based on the “if” – as in what if you die? And if you do, you will have that contingency covered. The fact is, you’re going to die whether you have life insurance or not. But you will be better off – or your loved ones will be better off – if you have a life insurance policy rather than not.
And just as important, it will represent probably the best preparation you can make for your death. After all, you can’t prevent it, so the next best thing is to be ready for it. And in the strange way that life works, it’s usually true that what we’re best prepared for never happens, at least not anytime soon.
Let Us Help You Get the Life Insurance Policy You Need
If you have been putting off purchasing life insurance, perhaps thinking that your life is better without it, or for any other reason, adopt a change of heart today. The reality is that your life will likely be at least a little bit better if you have a life insurance policy in place.
Give us a call and let us help you make that happen. Life insurance is what we do, and we will show you how you can get an inexpensive term life insurance policy that will provide for your family’s needs, but also fit comfortably in your budget.
Once you have a policy in place, you’ll have one less problem to worry about. And that can only make your life better.
