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Do I need life insurance?

Apr 6, 2008
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?

Well the truth is that none of us can ever truly know what life is going to throw at us. You can't predict what's round the corner or over the next hill in life any more than you can on the open road. You wouldn't consider not insuring your car, and if it gets damaged beyond repair you simply get the insurance company to pay out and go get a new one. Not the case with your own life though.

Now while you won't get a new life from life insurance if you die, you will be able to have a certain easy feeling knowing that your family, the loved ones that you care for and go to work every day to support will be able to manage the day to day financial issues should an untimely event happen to you, which causes the loss of your life.

It doesn't matter that death is inevitable and that it happens every day, we still don't really want to think about it actually happening to us. Nevertheless, it is something that everyone, particularly those of us with spouses and children to think about, should make the time to arrange for. Losing a family member is usually traumatic even in the best of circumstances, so it is worth considering the fact that on top of the feeling of grief and loss your family is bound to feel on your passing, as well as the nightmare that is organising a funeral, the last thing you want is for them to have to start worrying about how to make your mortgage and loans repayments in the years to come.

Now you might think that because you have some money in the bank that this will be adequate should the unforeseen occur but it may surprise you just how quickly that money may be eaten into and dwindle as your loved ones pick up the pieces. That is why it is so important to look into the idea of life insurance while you have the time to do so.

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.

The old sporting adage goes that the best form of offence is defense. Nowhere could this be more true than when considering life insurance. Through defending yourself with a suitable policy you are protecting your family against the unpredictability of the future and ensuring that they can progress through whatever the future holds.

Now the main focus of this article so far has concerned couples and families with mortgages and the responsibilites that these situations entail. But what if you are a young single person who is living life to the full and whose only responsibility is covering the rent on your apartment and making sure your monthly bills are covered? Where could you possibly fit into all this? Well loved ones aren't just those who you marry and have children with but those who have brought you into this world and looked after you. Would you want to burden them with the financial demands of your passing along with the grief that it would entail?

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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