money management

Why You Can’t Afford Not to Have Life Insurance

If you are young, successful, healthy, busy, or any combination of the above, you might not have or even consider having life insurance. Life insurance is also seen as non-essential (or at least non-attainable) to people who have trouble making ends meet. This is a financial reality for many families. Sure it would be nice to have it, if only for the peace of mind, but surely you can’t afford it?

There are many reasons why you really can’t afford not to have life insurance. We’re not even speaking figuratively here. If you are having trouble balancing your budget today, perhaps with another wage earner in the household, imagine what would happen to your people if you or your partner were to unexpectedly die? Your tenuous financial situation would go from bad to much, much worse. For this reason alone, more people should consider life insurance. But there are other considerations in life insurance’s favor as well.

Buy While You’re Young and Healthy

If you’re totally ignorant of life insurance (and let’s face it – many of us are), you won’t know that term life insurance is way cheaper when you’re young than when you’re older. It’s possible to lock in life insurance rates in certain situations, and your relative youth will always work in your favor in this situation.

For people who are early in their career, it might be hard to make life insurance work, but it’s likely to get easier to pay at the rate you sign up for as you move farther into your career. You can use life insurance as a motivating force to earn more. After all, life insurance has real value and it sucks to give it up once you’ve had it for awhile!

It’s Probably Cheaper Than You Think

For Millennials, a normal term life insurance policy might only cost you a hundred dollars or two every year. You probably spend more on beer/coffee/media subscriptions, perhaps even in a single month! If you are young, healthy, and a non-smoker, you’ll see big time savings on life insurance compared to what you’ll see if you wait for another 10 years.

Buy While You Feel Like You Don’t Need To 

This is especially true during the insurance uncertainty that has accompanied the Donald Trump presidency. You may be healthy and unworried about the future now, but if something bad were to happen you wouldn’t be covered. Accidents don’t happen until they happen. Better to sign up now when you feel young and invincible rather than find yourself uninsurable later. Or, you know, if you were to die! God forbid, but you may find it’s best to be prepared.

Life insurance is a great thing to have for people in all sorts of situations with all kinds of income levels. It’s common to forego life insurance if you’re young and healthy and/or if you don’t make a lot of money. But more people need life insurance than currently have it. Look in the mirror to determine if you are one of them.

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