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Forgetting About Life Insurance

What if you don’t want life insurance?  Or, worse yet, you simply ignore it?  Life insurance is a valuable product, and it is possible to go without it reasonably, but it’s not a simple task.  Follow along for more on these topics of discussion.

Forgetting Life Insurance

“Who cares?  Everything will be fine when I die…”

Well, maybe it’s not that bad, but you never know.  Ignoring life insurance can be as simple as being too busy, or putting it off until later.  However, you certainly don’t have control over when you die.  If you’re waiting for next summer to purchase it, after you juggle work and family commitments, an unfortunate event could brutally surprise your family.

Regardless of the reasoning, ignoring life insurance can leave those closest to you hurting.  Not just emotionally – though that is true – but in regards to finances.  If you are leaving behind plenty of debts and a family that is counting on your income to live, you really don’t want to ignore life insurance.

What would happen if you died today?

Choosing Another Option

Most budgets can’t handle it, but you could certainly get away without life insurance.

The trick is, you’ll need to find another way to take care of debts and your family’s needs if you were to pass.  That means that you’ll have to have quite the resources to do so, to meet the same number that you would like if you had an insurance policy – we’re talking six or seven digits.

If you can do that, then you could truly capitalise on the profit available.  Life insurance isn’t exactly the best investment in terms of the return that you receive.  However, it can be dangerous to go against if you don’t know what you’re doing.  There are few other ways to protect your family if you don’t have the resources yourself (at least a good start) – maybe there aren’t any…

Of course, if you want to get ahead of items in terms of investments, you’ll have to be aware of the possibility that you pass away soon.  It’s not pleasant to think about, but it is possible; there’s a very small chance possibly, but that’s a very huge risk.

The Decreasing Life Insurance Policy

While we’re out of the “going without life insurance” mindset, you could eventually need less and less life insurance.  Potentially, when you are very, very wise (yes, older), you may not need much money at all.

Some choose to purchase term life insurance policies.  As you pay off your debts and the children are on their own, you could get to the point when there simply aren’t very many needs.  If your family doesn’t exactly need financial support when you depart, you could have enough to take care of the now limited expenses that will be present in your death.

It can be dangerous to forget about life insurance.  However, it is not completely unreasonable to suggest that life insurance will not be needed.  You might be doing so well financially, or need so little, that it might not be necessary.

Just be sure.

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