If you are many working families, single mothers or single persons who live pay check to pay check, you can afford life insurance. You are the image of life insurance. If you are pinched for money now imagine what will happen to your family or estate if you have no financial protection at all on anything.
Unfortunately talking yourself out of estate planning does not pay the bills or cover death related expenses. Talking yourself into reasons why you cannot afford life insurance does nothing beneficial. Excuses places yourself and family in financial jeopardy. This is not a reality to be in. A financial crisis will occur. Carving life insurance premiums into your monthly budget is not a chore its a necessity.
Reasons for financial planning:
To pay bills. Most importantly, mortgage. This alone is a pertinent reason to have life insurance. This major bill will be paid off and not left to your survivors to deal with. Have no mortgage? A life policy is still a solid investment to pass on to your survivors tax free. The proceeds may be used how ever the situation calls for.
Young, fit and healthy? This is the best time to buy life insurance. Your premium will be affordable and if you take out a policy that allows you to keep the same premium until the age of 65, you will have considerable savings... the earlier you start, the better. When you develop health issues later on in life, it doesn't matter, because you already have the policy in force.
Are you married? Do you have a domestic partner? If you parish and leave no/not enough money behind to help cover bills and death related expenses, the potential of personal bankruptcy looms over the survivors. Do you want to put those financially dependent on you through added financial stress on top of the emotional turmoil caused by your death?
Peace of mind. If you develop a terminal illness, your life insurance will pay out a lump sum upon confirmation of a terminal diagnosis from your treating physician. You will have the money to help get your affairs in order.
Having life insurance in force ensures there is a financial plan in place for those left behind. The premiums of life insurance are small and affordable to anyone's budget. Remember it is important for you to discuss options with your agent and decide on a type of policy: universal or term that fits your individual needs.
Be pro-active and discuss your wishes with the beneficiary(s). He/she needs to know what your last wishes are and where your life policies are kept. This is not a taboo subject nor is it a subject to be ignored or taken lightly.
Think ahead because the inevitable will be here if your ready or not.
Forward thinking pays big rewards!
Trisha M. Pacenti RN,BSN