Guess what, folks?! It’s ! It may not be quite as fun as, say, (which is also coming up, FYI), but since there are over in the United States who don’t have life insurance (and even more who may not have enough of it), it’s safe to say we could stand to get a little more familiar with the subject (or, as we might say on September 19, famili-AAARRR).
Using insurance to protect what we care about comes pretty naturally to us in most cases. Sometimes it’s mandatory, like car insurance, and sometimes it’s built into our work benefits, like health insurance often is. But, even when it’s completely at our discretion, we typically opt to insure things that we value. We buy coverage for our vehicles, our homes, our bodies, our cell phones, our televisions, and our jewelry. Heck, you might even have coverage for your coffee maker. A lot of us pay for those extended warranties and optional protection plans that we’re offered at the checkout because it seems like a small expense compared to the cost of replacement or repairs.
When it comes to life insurance, though, we’re a little more hesitant. With carrying no life insurance at all, we have to ask ourselves: why do we have an easier time protecting our stuff than our families? Let’s look at a few possible reasons…because identifying the problem is always the first step to finding the solution.
Unsurprisingly, the number one reason people cite for not buying life insurance is cost. What is surprising, though, is that about . By a long shot. Like, a 213% long shot in some cases. A and an can be great first steps in estimating what your needs and expenses might be. Depending on age and health status, you may be able to get a great life insurance policy for not much more than cost of that you didn’t think twice about signing up for. Broken hearts are harder to fix than broken screens, but if something happens to you, the financial support of a good life insurance policy will provide your loved ones more space to heal.
Life insurance is admittedly different from other types of insurance in a pretty big way. If you crack your phone, phone insurance can help repair or replace your phone. If you wreck your car, car insurance can help repair or replace your car. Life insurance, unfortunately, can’t repair or replace your life. What it CAN do, though, is help maintain quality of life for the people you love. So even though it’s your name on the policy, the protection you’re purchasing isn’t for you. It’s for them.
Another reason we skip life insurance is that even though we may know how important it is, we simply don’t want to talk about it. It’s true that the conversation about life insurance can be an uncomfortable one to have…there’s not really a fun way to plan for your own death. NOT having the conversation, though, can leave your loved ones in a very vulnerable place. The peace you’ll feel after you have life insurance in place is well worth the process and the premiums.
It’s also easy to argue that you don’t need life insurance if no one is depending on you for income. Maybe you’re young. Maybe you’re single. Maybe you don’t have kids, or maybe you do, but you stay at home with them. In all of these scenarios, though, it’s still a good idea to have enough insurance to cover your , medical bills, childcare, etc. if something happened to you. Everyone falls apart emotionally a little after the loss of a loved one, but falling apart financially may be preventable with the right life insurance policy.
If you don’t have life insurance, or if you’re not sure you have enough life insurance, we’re ready to help you work through whatever’s getting in the way. Whether you’re just looking for a little more information, or you’re ready to find a plan that will protect your family, fit your household budget, and provide peace of mind, SM is here to guide you, as efficiently and compassionately as we can…because we know you want to spend less time worrying about life insurance and more time enjoying life!