To many people, life insurance seems like an unnecessary expense. Why buy an extra policy that you likely won’t even need? The reasoning is understandable, and no one expects his or her life to change tomorrow – or even next week. So, is life insurance really worth it? Or is it just another way for insurance companies to get rich?
Why Bother With Life Insurance?
Let’s start with a story. George is married and has three children, the youngest of which is in high school. He also has two grandchildren. George has always been responsible with finances, making sure to pay bills on time, not racking up loads of credit card debt, and even thinking ahead to ensure future expenses are covered. He’s an insurance agent’s dream customer. George knows that his home, vehicles, and health are all covered by insurance – and good policies at that. So, he rests easy.
Until the day everything changes. On a sunny Thursday morning, George is diagnosed with a terminal illness. One of the first things he thinks of is life insurance – which he doesn’t have. He immediately calls up his insurance agent, who advises him to come visit the office. Sitting across from his agent, George discovers that getting a life insurance policy now is an almost guaranteed no. Why? Because he waited until after he was diagnosed with a terminal illness to get coverage. Insurance companies don’t want to take on a risky customer, because they’ll be forking over thousands of dollars for care and expenses without having built up the payments to cover it. In a nutshell, they’ll lose money.
While it’s true that no one knows whether or not they will ever need life insurance, getting this coverage is always a good idea. Having life insurance will always benefit you as a customer. This is because with each payment made toward your policy, you are racking up a great investment that – should you ever need it – will save you and your family thousands of dollars, and peace of mind. The payments you’ve set aside will still be available to you if you meet certain requirements set by your insurance company, so you can take out the money to use as you please within certain boundaries. But if something happens and you do need coverage, it will be there. Life insurance is really a win-win situation for those who choose to obtain it.
Who Life Insurance Is Really For?
It’s easy to see why people choose not to get life insurance. It seems like a selfish expense – only covering me if something happens to me. But that’s not actually the case. Life insurance isn’t primarily for you – it’s for your loved ones. Think of what would happen if you died next week. Would your family be left scrambling to cover funeral expenses, and trying to make up your salary that paid a huge portion of their bills? An individual who contributes a $50,000 salary and passes away – or can no longer work due to injury or illness – leaves their family with a huge financial void to fill. This is why life insurance is necessary, and whom it actually benefits.
Gofundme is a prime example of this. There are many gofundme accounts that have been set up just for paying the funeral expenses and salaries of loved ones who have been injured, diagnosed with a terminal condition, or deceased. Had these individuals had life insurance, their families wouldn’t have to ask for financial help.
Don’t Wait – Contact Your Insurance Agent Today!
Life insurance is something that isn’t necessary until you don’t have it and desperately need it. Don’t wait until something happens, and it’s too late. While no one enjoys thinking of such things, ensuring that your family is financially secure should you leave them is wise, responsible, and ultimately a loving and caring move.
There are many life insurance options available, and your agent will help you find one to suit your individual needs. He or she will also inform you of the details, benefits and fine print of your policy, so that you’ll know exactly what you’re getting, and what options are available in the future with the money you set aside for the policy.
Protect yourself and your family, and talk to your insurance agent about life insurance today.