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Insurance Education

Frightening Risks You May be Taking if You Skip Life Insurance

November 6, 2018

Part of what we do here at Our Life Covered is try to make it easier to talk about life insurance through content that’s educational, relatable, and sometimes even humorous. No matter how you look at it, though, we realize that it can still be an unsettling topic. However, avoiding life insurance may lead to outcomes that are downright terrifying, and we’re here to talk about some of them. We know Halloween is over, but bear with us…these scary stories are for educational (and maybe motivational) purposes!

 

Your family could be responsible for funeral expenses

 

The average cost of a traditional U.S. funeral in 2018 is $7,000-10,000. Even the most economical options, such as direct cremation, can cost up to $3,000. Without financial protection such as life insurance, many families may deplete their savings, go into debt, rely on crowdfunding, or even be faced with the heartbreaking decision to leave a loved one’s body unclaimed. Having a plan in place to help cover end-of-life expenses is an amazing thing to do for the people you care about.

 

Life could get a lot harder for the people you love

 

Whether you bring home a paycheck or stay home with your children, you’re making valuable contributions to your family’s happiness and well being. If you suddenly weren’t around, would your partner be able to keep up with the mortgage? Would they be able to afford the cost of quality childcare? What about sports and other extracurriculars? A family whose life has just been turned upside-down by loss shouldn’t have to worry about everything from their home to their favorite activities being at risk. Life may never be the same, but life insurance may at least help reduce some financial stress.

 

Your children’s bright future could be jeopardized

 

The emotional trauma of losing a parent at a young age always has the potential to stay with a child, but if there’s no financial protection tool like life insurance in place, persistent financial hardship may follow someone throughout life as well. Growing up in poverty has been shown to greatly increase the chance of being poor in adulthood. Learning to live without things can take a toll on kids, and in addition to affecting morale, a lack of funds may also limit access to opportunities such as college. A life insurance policy could help provide greater financial stability and more options.

 

Concerns about money may get in the way of a healthy grieving process

 

Grief is never an easy emotion to deal with, but when someone is under financial pressure after the loss of a loved one, it may feel overwhelming. Suppressing grief is thought to have a number of mental health implications down the line, and the increased financial security of a protective measure like life insurance may help provide not only more space to mourn, but also potential funds for counseling or other mental healthcare if needed.

 

What’s so scary about life insurance, anyway?

 

Car insurance might help if you get into a fender bender or if a game of catch ends with a baseball through your windshield.

 

Homeowner’s insurance might help if your basement floods or your house gets broken into.

 

Cell phone insurance might help if you crack your screen or drop your phone in the bathtub while you’re trying to Instagram a picture of your toes in a cloud of bubbles (#selfcare).

 

These types of insurance are generally easier to think about because they help protect against events that, while unfortunate, don’t necessarily involve your demise. They’re intended to help pay for the repair or replacement of things that make our lives easier. Life insurance, on the other hand, isn’t designed to help you financially navigate an inconvenience. It’s designed to help your family financially navigate through tragedy.

 

Do you want to think about your family living without you? Of course not. But think about your family living without you AND without any added protection against the possibility of financial hardship. While life insurance unfortunately can’t replace a lost loved one, it may help replace lost income, and that can mean a much brighter future for the people you leave behind.

 

So we encourage you to face any fears you might have about life insurance. When you’re ready to shop for coverage, we’re here to support that journey. Because everything’s a little less scary when you know you’re not alone.

 

Want to learn more about life insurance and talk more about how to work toward a longer, healthier, more financially secure life? Follow us on Facebook, Twitter, Instagram, Pinterest, and LinkedIn, or send us a message directly to join the conversation.

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