Life insurance is incredibly important to absolutely anybody, especially those with a family. People tend to opt for life insurance plans when they are faced with major life changes, such as getting married or having a baby. Generally, when someone else becomes such a large part of your life, life insurance is key to ensure that, if something happened to you and you could no longer be with them, you would be leaving them funding to cover funeral costs and general living costs without you.
Without life insurance, your family or spouse will be left to pick up the pieces without help and may lose out on money that you wanted them to have. A consequence of not having life insurance is that your family will miss out on the contribution of your income in the household income and may have to leave their home to start anew somewhere else, as they cannot afford to fund the home alone. Imagine the added pain that having to leave the memories that you made in your own home would cause your family, given that they will be desperate to cling onto your memory after you pass away.
The biggest loss that you personally will experience if you decide not to opt for a life insurance plan is peace of mind. Your life will be constantly riddled with fear that if something were to happen to you, even an accident or a sudden illness, you family might not be protected from financial meltdown. The idea of loved ones being in a bad financial state is horrible to us all and can be avoided with an investment into life insurance.
Compare it to the consequences that would be faced if you were to, for example, travel without insurance for your vehicle. The costs that could be faced if you were to be in an accident could be incredible and so, people have car insurance. You wouldn’t travel without car insurance, so why risk leaving your loved ones out of pocket without adequate life insurance?
Unfortunately, there is always a chance that you may fall ill with a life threatening illness which could leave you facing a premature death. It is easy enough to go through life putting the purchase of life insurance aside until something like this happens and you realise all too suddenly that you have left nothing aside to protect your family.
Putting it aside can leave them having to pay outstanding debts that you have accumulated over your lifetime, which means that not only will they suffer the loss of you and your income to the household, but they will also have to fork out for sums that you have left behind, further eating into their income. Debts such as credit card bills can be taken from the money that you’ve put aside and become non-issues with life insurance.
Not having life insurance means that you cannot contribute to the lives of your children or spouse when you are gone. Your children will not be able to say that, even though they couldn’t be there, their parent managed to help give them their dream wedding or help them in times of financial need, such as university.
To conclude, in having life insurance, you are reassuring yourself and your family that you are there for them both in life and death. It allows you to live with the peace of mind that whatever happens to you, your children and spouse will always be protected from the loss of your contribution to the family income. The consequences are too steep to ignore the need for life insurance.
We examine the consequences of not having adequate life insurance. A must for anyone who hasn’t consider the impact of being uninsured.
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