Do I need life insurance?
Chris Clare
Well of course you don't need life insurance. After all, you eat healthily, exercise regularly, don't smoke, don't drink, don't overindulge in anything and are planning on living forever, right? I mean, there are better things to spend money on than life insurance?
This could be perceived as being simplistic thinking because, really, no one knows what awaits them around the next corner and your lifestyle choice is only one part of the equation. You may very well be a careful driver but that doesn't stop you from insuring your car.
Now while life insurance won't give you a new life in the way that your car insurance will guarantee a new car, it will guarantee that the loved ones that you leave behind, the same ones that you worked to support, will have the peace of mind that they will not face financial destitution with your passing.
No, it is absolutely not anything that anyone wants to think about, but it certainly is something that any responsible adult will take time out to take care of, if they truly love the people they care the most for. Losing a loved one is difficult enough when things go smoothly. But on top of funeral arrangements and coping with that loss, think how much more difficult it would be for the person surviving if they also had to think about how they were going to make it through the emotional stress and, on top of that, manage to pay the bills and keep the remainder of the surviving family unit afloat and away from the wolves that might otherwise soon be at the door.
Maybe you are one of the lucky ones that has a huge savings fund resting in the bank, but even that will disappear thick and fast if it not being replenished. If you have any sense of responsibility it is easy to see that getting life insurance while you are still fit and healthy is the smart move.
Thinking of death, especially when you are a young couple or family, is not something that most people want to do, but it IS something that should actually be on a high priority list of things to do as soon as possible in your adult life, and especially if you are starting that life with another person or persons who are or may become dependent on you.
No one can predict when disaster may strike and it is the unpredictability that must be planned against in order to give yourself and your loved ones the peace of mind you deserve. It is not only sick people who die and all you have to do is read a paper for stories of how tragedy strikes in the shape of car crashes, boating accidents and all manner of scenarios. The best you can hope for is, that in the event of of something occurring, luck will be on your side. But you wouldn't fancy those odds in a normal wager. Wiser still would be a policy that guarantees protection should the unexpected occur.
You've heard the expression that states that a good offence begins with a good defense. When it comes to defending yourself against the financial devastation that an unexpected death can cause, taking out a life insurance policy is not just good defense, it is the only form of effective defense there is.
So far in this article we have been mainly talking about people with families, mortgages, general responsibilities. So what about those of you reading this who are single and restriction free? You have no spouse to think of yet, no children, you live in rented accommodation, you drive a moped which you own outright and your only commitments are the rent and your bills each month. Life insurance may seem a world away to you. It harks back to the love you feel for your family. If you die unexpectedly, do you want your family to have to find your next month's rent and pay your outstanding bills, or do you want them to be free to mourn the responsible child whom they have so tragically lost?
Only you can decide if you need life insurance. After all, it isn't compulsory. But I think that if you give it a moment's real thought, and think about the people you would be leaving behind, you will see that there aren't many people in this day and age who wouldn't be doing someone a favour by insuring their life.
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