The past few years have been rough on a lot of people.
The recent downturn in the economy has made a lot of you people out there tighten your financial belts.
It’s perfectly understandable you want to try and find ways to save money any which way you can.
This might be one of the reasons why a lot people are living without life insurance these days.
The attitude I hear from a lot of people is, “I’m young, I’m healthy, and I’ve got other expenses. Why do I need life insurance?”
I understand this but are you sure you aren’t sacrificing the right things? You could be needlessly putting your family in severe financial risk.
- Most people spend money on things that are not necessary
- Life Insurance promises to take care of your family and business interests
- Life Insurance should be seen as a necessity
- There are very affordable types of Life Insurance, so there’s really no excuse not to have it
Lifestyles Versus Needs
Did you know that close to 95 million Americans don’t have any life insurance at all? It makes we wonder why, and I have some observations that I have come across which might interest you.
Once upon a time, many of us looked at hooking up to the internet, getting satellite, and using cell phones as a sort of status. We could afford these things because we were making money and could pay for these luxuries.
Times have changed though, as now it seems that people don’t view these things as a luxury, we seem to see these things as an actual need to get throughout daily routines.
If you look at these costs alone, they could be costing you up to as much as $500 a month. That means you could be paying close to $6000 a year! This is a big bite out of just about any budget.
Heck, if you throw in what you pay monthly on your credit cards, loan for a mortgage and vehicles, plus food and entertainment, there’s just not much left over is there?
So, you might be thinking, especially if you’re in your 20’s or 30’s that you simply don’t need the extra expense of life insurance. I mean, what are the odds that something’s going to happen to you such as a debilitating illness or worse?
Well, I hate to break the news, but this is like playing a dangerous little sport such as walking a tightrope without a safety net. This is not a game you want to lose, and without life insurance to back you up, then you are living life on a dangerous edge. Why take such an unnecessary risk?
Life Insurance is Affordable
Life insurance isn’t as expensive as you think. There are so many companies out there selling similar products that competition for business is quite fierce. This is good news for you folks. There are deals to be had if you know where to look. I bet there are plenty of you out there who simply assumed you couldn’t afford life insurance without even looking for a quote or talking to an agent like me.
The truth is that you wouldn’t really have to give up all that much to find affordable life insurance. The cheapest form of life insurance out there is called Term Life Insurance. It’s the most basic of life insurance because it strictly pays death benefits.
And, you know something? The premium for term life insurance is cheapest when you’re younger. It gets more expensive the older you get. Bet you’re not thinking about that are you?
If you’re a young person now, remember you won’t be young forever. At some point, and even more importantly such as right now, you will want to make sure your sudden demise doesn’t cause a big financial mess for your family.
Why you Need Life Insurance
The biggest reason to get life insurance is to protect your loved ones. You have to ask yourself – how are they going to fare if my family doesn’t have the benefit of my financial contribution after I’m gone? How are they going to pay for all the bills that still have to be paid? Life goes on after you’re gone, and it can be pretty harsh if your family doen’t have a financial cushion to fall back upon.
Here’s the good news. If you have life insurance and your family collects on death benefits from a life insurance policy, it’s all tax free and they won’t owe Uncle Sam a red penny.
Here’s another thing to consider. What if you own your own business, or are partners with someone? What’s going to happen to the business estate, and taxes if should have an accident? Is your family going to be able to replace you at work? What about all your other financial commitment to suppliers, customers, incomplete contracts and the like? How is your family going to deal with all of that mess?
Not so simple is it? Life insurance isn’t that expensive. If you think you can’t afford life insurance, what are your loved ones going to be able to afford without it?
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