Do I Really Need Life Insurance?
I was checking my online banking this morning and as usual my Life Insurance Payment has gone out! As a 27 year old hopefully healthy guy, I do have a tendency to look at this payment and think “do I really need Life Insurance?”
I mean the statistics are with me on this one. I’m young, live a relatively healthy lifestyle, havn’t touched a cigarette or drug in my life (As long as were not classing alcohol as a drug!) and do plenty of physical activity. I’d like to think I’m a pretty safe bet!
As much as I’d like not to payout for Life Insurance every month the second I even think about cancelling it my common sense starts to kick in!
Are Any Of Us A Safe Bet?
Yes I’m young and hope I’m healthy but does that really mean I’m a safe bet?
Look back on your life to date. It’s not the nicest of things to think about but how many tragic situations involving young people can you recall? It may be in the media, it might be an acquaintance or sadly it might even have been a friend or family member. The fact is none of us are immune to the tragedy of life.
If you were to struck down with a serious illness or worse, would you regret not having taken out Life Insurance? I’ll explain why I would!
I’ve been happily married to my wife for 5 years now. She’s the mother of my children and the one who I swore to take care of for better or for worse!
What would happen to her if something was to happen to me?
Well if I didn’t have Life Insurance who knows? She would likely have to sell the house. A place that holds all our memories of married life and of raising our two amazing boys. These kind of memories are so valuable when life is going well, never mind when it hits you with tragedy!
Would she be able to feed and clothe the kids? Would she have to put them into daycare and work just to be able to support them when they needed her most? Just as importantly, would she be able to have enough financially stress free time to be able to rebuild her life? These are horrible things to think about but are so important when considering whether you need life insurance!
What could the future be like for my kids if I didn’t have Life Insurance?
I grew up in a poor area of town. To be honest it never really bothered me because at the time that was just the way things were. Do I want better for my kids if at all possible though? Yes! As things stand we live in a nice town, on a nice street with nice neighbours! If something was to happen to me however, what would the future hold for my kids?
I don’t think my wife could afford to pay the mortgage on our current home. With two kids to support and look after, would they have a repeat of my life on a poor estate? I think they would! Even if they managed to avoid the worst area, with only one income in the family they would certainly end up in a poor area of town.
The situation would be completely different with a Life Insurance payout though. They would be secure in our current home with the mortgage paid up! There would also be a lump sum left over to either use or invest, whichever would give them the best future!
The Worst Thought ~ Funeral Costs
This is so horrible to think about that I don’t even want to delve too deeply into it. Let’s just say that in the most tragic of circumstances, does anyone really need to be worrying about this!
In hard times most people are looking for ways to save money. I really feel though that of all the things you should cut back on, Life Insurance isn’t one of them!
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