Life Insurance — Why Do You Need It, Anyway?

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It’s a well-known fact at this point that medical insurance is something you should definitely have. Even if you don’t foresee any medical emergencies in your life at all, the practical reasons to purchase health insurance (i.e., avoiding a government fee for being uninsured and not being able to see a regular physician) are enough to convince most people to purchase individual health insurance.

Life insurance, though, isn’t so obvious. Many Americans don’t have life insurance, and a lot of people don’t purchase a life insurance policy because they don’t really think about the cost-benefit relationship. So why exactly is it a good idea to purchase life insurance? Here are just a few reasons:

  • First and foremost, the main reason to purchase life insurance is to make sure that you don’t leave your relatives with a lot of debt should you unexpectedly pass on. It’s not just about your current medical state; it’s about making sure that if an accident or sudden illness occurs, you don’t pass even more stress onto your loved ones.
  • Although you may have life insurance through your workplace, it’s usually not a common feature of employee benefits plans. Employers who do provide life insurance policies are definitely on the right track, but employees may also benefit from taking out additional policies.
  • Many people assume that life insurance is similar to medical insurance when it comes to costs — but the truth is, life insurance is a lot cheaper than you’d expect. The prices do vary based on age and current health, but it’s not as expensive to purchase life insurance as you think — making it a pretty affordable investment that will pay off if you need it.

The fact is, life is unpredictable. No one wants to sit around and think about those worst-case scenarios, but it’s important to realize that planning for those situations now will alleviate a lot of stress and financial burdens in the future.

To put it quite simply, the benefits of having life insurance simply outweigh the risks of not having it!

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