Top Reasons to Have Life Insurance

Most financial planning experts agree that life insurance should form the foundation of everyone’s financial plan.  For most families, their most basic financial security needs would be in jeopardy should they suffer the loss of one of their primary breadwinners. Intellectually, it is not difficult for people to understand the need for life insurance and its importance in providing protection. However, life insurance provides much more than financial protection, and when people take a moment to contemplate the real reasons to have life insurance, its true value increases exponentially.

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You Love Your Family

There are many ways to demonstrate your unconditional love for your family, but few actions speak louder than taking steps to ensure that they will always be financially secure.  Buying a life insurance policy is a selfless act of love but it has the residual benefit of making sure that your family will live in a life style to which they are accustomed and that is an enduring love. 

You are a Responsible Person

“You owe, you owe, it’s off to work you go.” You spend some part of your life working to pay off debt, be it a school loan, a car, a mortgage, or our credit card spending.  You make your payments on time with the intention of fulfilling your obligations, and you do that because you’re a responsible person. Most responsible people plan responsibly which means that they intend to fulfill their obligations whether they live or die. The biggest reason to plan for debt payoff in the event of your death is to prevent your family or loved ones from being saddled with it unnecessarily. 

You Enjoy Your Sleep

If you have ever woken up in the middle of the night and began the “what if” self-interrogation, you know that you’re brain won’t let you rest again until you solve the problem.  When the what-ifs turn to your family’s financial security, you’re in for many rough nights.  It’s one thing to lay awake at night to worry about current finances or your job, but when you start imagining what you’re family might have to endure if you were suddenly out of the picture, it’s actually a problem over which you have complete control. The peace-of-mind that people say they experience when they have life insurance is really about living their lives with confidence and comfort knowing that their family is cared for.

You Want a Secure Retirement

We now live in an economic environment that is fraught with uncertainty and our vision of retirement has been blurred by the reality of unpredictable financial markets.  While some might argue that life insurance should not be purchased as an investment, it can be a very solid source of supplemental retirement income.  Life insurance cash values, which accumulate tax-free, not only help to keep your premium costs down, they are accessible for retirement income on a tax favored basis as well. 

Some types of policies have guaranteed values that can be relied upon as an income safety net and other policies enable your money to earn market rates of return with minimum downside risk.  Since you need life insurance as your security foundation, you should consider having it work double duty as a retirement income supplement vehicle.

You Can’t Predict the Future

People don’t plan for the future because they know what will happen; they plan because they know to expect the unexpected.  Planning is about contingencies and what will happen when life doesn’t unfold as expected.  It’s the reason why you buy insurance– to protect your home, your cars, your health – because you know that the loss or damage to any of these would cost you money beyond your means to replace or fix.  But, they can be replaced or fixed, and having the proper insurance in place will ensure that your long term plans will remain intact. 

Your family’s greatest financial asset is your ability to provide your family with the financial security it needs and its only viable replacement is life insurance.
Of course, no one plans to die prematurely. But it can happen.  We don’t expect to get a flat tire, but we drive with confidence and comfort knowing that spare is in the trunk. If having a spare tire can make you feel that way about driving, imagine how having life insurance will make you feel about living.

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