It is completely understandable for families to wonder if Insurance might be worth the cost. No one likes to invest in something they don’t think is necessary. I like to think of it this way. If you had a toaster that popped up $3,000 a month, wouldn’t you want to make sure that toaster was insured in case it broke? Even if you had to pay $500? Of course, you would! Well, the primary breadwinner happens to be the “toaster” in every family. So why in the world would it make sense to Insure a toaster, and not a human being.
Life Insurance is Income Protection. It is meant to be a fall-back in the event that Mom or Dad doesn’t come home one day. The average middle class household has approximately $20k in consumer debt, and a mortgage payment every month. If Dad were to die in a car accident on the way home from work, do you think Mom would have $20k just lying around to pay the creditors? Most likely not! And what if Mom stays home with the kids? Wouldn’t it make sense to make sure she has enough to be able to continue staying home? Especially during such a time of mourning!
Let’s reverse the roles for a moment. Suppose Mom is on her way home from the grocery store, and doesn’t make it. Do you think Dad is going to be able to go back to work the next day? Who is going to take care of the children? There needs to be something in place that will allow him to comfort his kids, and pull himself together.
These are not pleasant things to think about, but they are necessary. It is better to be prepared than to be surprised. Something that is important, though is to find the right type of Insurance for you and your family. My suggestion, as a Financial Advisor and Life Insurance Agent is to Buy Term Life Insurance. It is the least expensive type of insurance, and it will leave you with a sense of security that you have done what is best for you and your family. So, why not insure yourself as you would that toaster, especially if it won’t cost you anywhere close to $500 a month? Don’t think that just because you are healthy that an accident couldn’t find you. Secure your family’s future. They will be thankful that you did.