There’s absolutely nothing in this world that’s more important than the well being of our family and loved ones. Which is why it amazes me how few people have adequate life insurance, if any insurance at all. You have health insurance in case you fall ill, and you have car insurance in case of an unfortunate accident, yet you think twice about taking out a life insurance policy? The problem is that life insurance carries with it a sort of negative stigma, in that it is directly tied in with death. What people need to start doing is associating it with life, and security for those we care about.
There’s a lot of debate out there about whether to take out term or permanent insurance. Permanent insurance is just that, good for your entire life, it’s essentially a policy that you sign up for once and have throughout life. Term insurance is for a predefined period of time, and when it expires you have the option of renewing or lapsing your coverage. In my opinion entirely too much time is wasted debating the pro’s and con’s of these two types of policies. More emphasis should be placed on having coverage period.
The amount of life insurance coverage you take out is entirely dependent on the size of your family, and the value of the assets you are trying to secure for them. Consider that you are married with two children, own a home with 20 years left on the mortgage, and your still making a couple of car payments a month. The amount of coverage of your policy at a minimum should correspond to the amount of your “final expenses”, remaining mortgage, and the cost to raise and send your children to college. Then depending on the lifestyle you want for your family you could opt to take out even more.
Now, if you’re excuse is that you are too lazy to look into obtaining coverage then you truly have no reasons to hold back now. Life insurance policies can be researched and shopped for online.
If you have loved ones that depend on you for their financial well being, I hope sincerely hope I gave you some food for thought. Don’t let a few dollars a month ruin the opportunity to provide safety, security, and peace of mind for you and your family.