Life Insurance: An Unselfish Purchase You Make for Your Loved Ones
Are you considering life insurance, but have doubts as to why you should get it? Many Americans wonder about the need for life insurance, if it is really necessary, and whether they should get it or not. Many doubt the validity of having it, and wonder if it is a waste of money.
Do you have a family to support? Are you married, have kids or plan on having kids?
If you answered yes to any of those, then there really shouldn’t even be a question about whether you need life insurance or not. Let’s understand why:
For the Good of Your Family and Their Future
Think also of everything else you’ve ever purchased or invested in, for yourself. Think about the long term benefits of those gains. If you have a family, you probably take them into consideration every day with your actions, your work, or even the purchases you make. Now, when is the last time you bought something with only them in mind?
Life insurance is totally different from anything else you purchase. It is the least selfish purchase you could ever make. If something were to happen to you, what else could ensure the future of your family, to guarantee their financial security? Life insurance is 100% about your family.
The Long Term Financial Safety Net
No one wants to think of what things will be like when they’re gone, particularly if it happens before they want it to, or think it will. However, we cannot ignore the reality that life is short, and things can happen unexpectedly.
How will you be able to provide for your loved ones, in the event that you’re gone sooner than you think? They will want to honor your memory in the best way they can, with the funeral of your choice and any other arrangements you would prefer. How will you make sure they can pay for that, and have financial support after?
We all want to believe our savings will be enough to outlast us, but if illness or other unknown events occur (as they can), savings can get depleted overnight. What will you do if this happens? Life insurance is the only way to ensure your family’s future.
Debt: An American Reality
We cannot ignore the fact that many Americans are loaded with debt today, due to everything from school loans, credit card bills and home mortgages to expensive medical bills that become individual headaches due to lack of health insurance.
There are a thousand reasons for being in debt, most of which occur due to lack of adequate planning for the future. These could already be preventing you from ensuring the financial future of your family. Think about what could happen to them after you go.
You don’t want your debt to carry over into their lives if you die prematurely, particularly when they need the time to honor your memory and heal in peace, instead of trying to make ends meet on their own. Preparing for the future is key.
Peace of Mind
Many Americans agree that ultimately, the decision to get life insurance helps with their quality of life. This is because they’re able to sleep better at night knowing that their family will be well cared for in the event of their passing.
You’ll be able to rest far more easily knowing that you haven’t left their future to chance. This doesn’t only give you peace of mind, however. Once you’ve discussed this decision with your family, they will enjoy the same peace of mind, knowing you have their best interests at heart.
The Bottom Line – Being Prepared is Best
Why is life insurance the most unselfish purchase you could ever make? It’s because you aren’t thinking about yourself at all, you’re thinking about your family, the future of your loved ones, the people you care about the most. This decision is selfless because you want to put them first and take care of them above all else.
When you have others to think about when making your financial decisions, everything has to be taken into account. Depending on what your present earnings are, your requirements and goals for the future, what kind of life you want for yourself and family, and taking in inflation costs for living expenses, decide how much coverage you need.
Research different types of policies available, and before proceeding, have the talk with your family. Let them know you want to care for them, because they are the ones who matter most. Once you’ve done this, consult with a professional who will be best equipped to assist you, keeping your needs and goals in mind.