If you ask around enough you are bound to speak to someone with a negative impression of what life insurance is for. I had one instance where I was told that life insurance is an “evil product”. When I had asked what this individual had meant by “evil”, they responded by saying that “someone should not get rich off of another person’s death.”
Being in the business that I’m in, I like to hear people’s opinions because it helps me to understand some of the hang-ups that people face regarding the purchase of life insurance. After my shocking confrontation I now make it a point to unfold the motives of each of my client’s reasons for seeking life insurance coverage. I would hate to deliver a death claim someday only to watch the surviving spouse do a “touchdown dance” like they had found out that they had hit every number on a winning lottery ticket.
Some examples of things that a life insurance policy may be set up to cover include: mortgage loans, auto loans, consumer debt, school loans, a child’s/grandchild’s education fund, surviving spouse’s child care costs, funeral costs, probate costs, estate tax costs, income supplement costs, etc.
In summary, if you’ve never seriously looked at life insurance because you always saw it as your spouse’s “winning lottery ticket”, think again. Life insurance is not to make your life any better than it is today. It is to make sure your family and loved ones can continue to live the same quality of life they had been living previously. When someone passes away, a once reliable source of income stops, outstanding debts find their way to others, and immediate and/or projected expenses are incurred. To receive an allotment of money to cover these expenses sure doesn’t feel like “winning anything”, but at the same time you can see how not having the coverage can sure feel like “losing.”
If you need help determining your coverage needs, please contact me to set up an appointment and I will be happy to help you out.