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Why is Insurance Important? The Discussion

Death is a sensitive subject for many and a reason why people neglect to carry life insurance. There are people who have property insurance without thinking about their life coverage until they are either too old or too ill to be approved for coverage. It is time to discuss the importance of affordable life insurance and disability protection.


1. Money you do not have.  Life insurance can protect against poverty. Most people and families are not wealthy enough to carry on in the event of a family member. It is the only affordable way a surviving family can receive a livable sum of money that a savings account cannot offer.  A leading cause of bankruptcy and financial ruin is due to sickness and death. Could your family survive downsizing to a lesser living arrangement?


Circimstance- $20 x 12 months= $240    Patricia is 30 years old, the most she could pay is about $20 a month (if she smokes) for $50000.00 term She works some and has children as well. Realistly, she cannot afford to not have life insurance be it term or whole-life because her family cannot live without her. Patricia is married, her husband is the head of household but he would still lose income, deal with grief, take care of the children and responsibilities alone.  Now imagine the devastation should her husband, John dies first. Doing the math makes insurance a responsible choice and why most people carry it.


Circumstance-  After suffering from a health event at the age of 39, James became unable to work. Social security denied his claim and he would have to appeal again after waiting nearly six months. His savings became empty and he had no way to borrow money to live. He did not have any other disability coverage in place.  James was able to use the accrued value in his life insurance policy to continue living.  Whole life has benefits that can be used during life. The value of a whole-life policy can be used during a time of need.  


2. Who will go into debt to bury you? Paying out-of-pocket is not easy in this ecomony. Is it acceptable that someone who cares for you has to take out loans, collect from other friends, family or even church members in order to proceed with a funeral? Life insurance is the just and proper way for a final goodbye.  Someone,  will have to cope with your death and funeral ceremonies are intended to help the living cope with the loss better. Even if it is a small life insurance policy, it is only right to offer the respectable help in some form after you are gone.


3. To carry out a plan without you. Whether it was to pay off the mortgage, send the children to college, or continue a business, life insurance allows life to continue.


4. Leaving an inheritance. The wages you earn from years of hard work may not be enough to establish wealth for future generations but the proceeds from a life insurance policy can do just that. Establishing Wealth "I will never want my family to go through what I had to become successful."


5. Wealth Protection. If you are already wealthly, then you understand the importance of maintaining assests.  It takes months for an inheritance to be settled by the courts and the beneficiaries could be responsible for all taxes and death duties well before the time they receive the inheritance.  Life insurance speeds up the settlement and transfer of estates.
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Term life insurance, whole life, health insurance, insurance agent, final expense, insurance broker, affordable, cheap, quality, policy, employer benefits, section 125



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