Confession: I didn’t think about life insurance until I married The Hubby and our annual benefits renewal period came up. When he suggested we get a life insurance policy, my first thought (and I know this isn’t good for a PF blogger) was, Do we really need to worry about this right now?
Especially if you’re young and in good health, life insurance isn’t always something you really think about. Health insurance, sure…we all get sick at times. But life insurance? It’s like retirement savings when you’re young…something that seems so far away and unlikely to be needed that it can be easy to just dismiss.
But you shouldn’t (as The Hubby so wisely lectured me). Even if you are young and in good health, the truth is that anything can happen. It’s not fun to think about, but it’s the truth. And if something does happen, your family could be thrown into serious financial trouble. (In addition, of course, to all the other awful things that come with loss. Like I said, it’s not fun to think about, but it’s necessary.)
You owe it to your spouse, and children if you have them, to look out for them in the future just as much as you look out for them now. And life insurance is one way to do that.
The good news
The good news is that life insurance can fit easily into your budget. Especially if you’re young, it’s a great time to apply for a policy because you’re likely to get a better rate due to your age and better health. But even if you’re older, you can still find a great policy for a monthly rate that won’t break the bank.
There are hundreds of policies on the market, and choosing the right one for you is an important decision that takes some time and research. You should make sure you research different providers and ask the right questions when applying for a policy. You can also check out a price comparison site (like www.comparethemarket.com/life-insurance/) for an overview of all the policies and prices available at the time you’re looking to purchase.
One of the things that makes people skip life insurance is the fear that they won’t be able to afford it, but that’s totally not true. You wouldn’t skip car insurance because you’re a decent driver and you don’t want to pay the monthly fees, would you? (At least, I sincerely hope you wouldn’t!) Life insurance is the same way. Hopefully you won’t need to use it, but if you do, it gives you huge peace of mind that everything will be alright and your family will be taken care of.
Do you currently have life insurance? If not, what’s stopping you?
photo credit: cjc4454