“I’m betting I’ll die and the life insurance company is betting I’ll live”! How often we hear that in discussion about term life insurance and the idea that you may come to the end of it and have spent all of that money. For some reason it really grates against human nature if we don’t collect on insurance that we’ve paid into forever, or at least for longer than we would like to. Then, when presented with the alternatives, going without or paying for permanent insurance, neither of those satisfy us either. Reasonable life insurance rates.
For us the answer is not as complicated because we’ve delivered death benefit checks and we know that paying premiums is not a waste of money. Life insurance, especially term life insurance, is all about the death we don’t see coming. We see it happen all the time. Friends, relatives, friends of friends, celebrities dying far too early in life. Whether it’s a car accident or a heart attack, cancer or suicide, it comes out of no where and devastates families emotionally and financially. And we still just can’t stand the idea that we can’t have our protection for our family with no out of pocket expense.
Let’s put something in perspective first. If you don’t grasp the concept of responsibility you most certainly will have a hard time wrapping your head around taking care of it. If the future of your wife and children, or the future of your business partner, or the future of the person you borrowed a lot of money from don’t feel like a responsibility to you then it logically follows that spending money to make sure a potential premature death doesn’t wreak havoc in their lives or at least their financial future is a waste.
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So first let’s put some reality on the notion that term is a waste. Term life insurance isn’t meant to address permanent issues so if a person buys term for a reason that will never go away, they weren’t well served by their agent. But most, by a long ways most life insurance needs aren’t permanent. If I have a family I want to make sure that my premature death doesn’t ruin the dreams of my wife and children, that it doesn’t cause them to live in a manner that I wouldn’t have been happy with. I don’t want them to lose opportunities that my income could have provided. Those aren’t permanent needs, but they, in my world, are needs that are part of my responsibility as a husband and a father. When kids grow up and aren’t dependent anymore, their need is done. When my wife and I reach certain financial goals, that need is done. I will feel good about the end of my need for term life insurance because that means everything worked out just fine.
Will it cost money that I could have used elsewhere? Absolutely! But prioritizing money to responsibilities first is what grown ups are supposed to do. Am I really betting that I’m going to die? There’s a risk that I will die, but I’m not betting against myself. At Risk Life we don’t have a lot of tolerance for this argument or any choices that are avoiding responsibility. So if you have questions about what your responsibilities are, we’re glad to share our view on that. We like to help people plan for those responsibilities without wasting money. Call or email us. We’re here to help.