When you’re young, single and healthy, life insurance is probably the furthest thing from your mind.
At least, it was for me — until two of my younger family members died unexpectedly.
To keep it affordable, I opted for term life insurance, which only costs me about $30 a month for $300,000 in coverage for the next 40 years.
For less than it costs me to insure my car, my family is now taken care of in case I die unexpectedly.
Life insurance will never be cheaper than right now. Policygenius can help you compare options to find the right coverage for you »
When you’re young, single and healthy, life insurance is probably the furthest thing from your mind. After all, you’re in the prime of your life and have other expenses to think about. You’re saving for retirement, a home, or investing for your future. Putting funds towards an event that is statistically unlikely to happen in the immediate future sounds like a waste of money.
At least that’s what I thought. The importance of having life insurance didn’t hit home until I lost two younger family members within the same year.
Both passings were unexpected and a complete shock. These were two perfectly healthy young men in their early 20s. Friends and family pitched in to cover funeral expenses, which provided the families one less thing to worry about during difficult times. Nothing makes up for the loss of a loved one, but the removal of that financial stress allows grieving families some reprieve.
Their deaths made me realize life insurance is a no-brainer
These events got me thinking about how absurd my invincibility complex really was. Here I was at 31 years old — no longer a spring chicken, as my mother liked to say. If something happened to me, which felt more real than ever, I didn’t want my family to have the added burden of dealing with financial matters.
Funeral expenses aside, what about outstanding debts? Luckily, I only have a car loan, but life is unpredictable. I write for a living and as the 2008 financial crisis reminded us, even good jobs can go down the drain faster than the stock market. I might be financially stable now, but that could change at any moment. And when that moment coincides with my untimely demise, it could create a huge financial burden for my loved ones. Viewing life insurance through this reality-based lens made buying it a no-brainer.
Life is unpredictable and to not plan ahead is irresponsible. That’s why I ultimately got life insurance. I won’t be young, single and childless forever. Things could change on a dime and remembering to get life insurance may not be top of mind when they do. We’re all leaving someone behind, and saddling them with our financial problems is not the way most of us want to go.
I chose term life insurance, which is much cheaper
If you’re concerned about the cost of life insurance, a term-life policy is a more …read more
Source:: Business Insider