Monday, September 21, 2015

The Life Insurance Debate: Forget Everyone Else and Go with Your Guts

The Life Insurance Debate: Forget Everyone Else and Go with Your Guts
It’s my tradition during September, Life Insurance Awareness Month, to dedicate one of my columns to that subject. So let's talk about it from the standpoint of asking, “Is it really necessary for you to purchase life insurance?” and also address some of the reasons that folks who should purchase life insurance give for not doing so.

First, do you even need it? I know that there are several consumer schools of thought out there on this very issue, but throughout my years as an advisor in professional practice, I have arrived at what I like to refer to as the common-sense approach to money management.

In this particular instance, here’s how I’d put it: Life insurance simply pays money, upon your death, to someone you designate. Period. So, do you have someone or several folks who will still need the financial support you are presently providing, in case the unthinkable were to happen to you?

Yeah, yeah, yeah. Am I telling you to go spend money on some life insurance which, in all likelihood, you might never end up using? Of course, you're probably going to live a good long life, but it's not as simple as that, is it? Personally, I think we should see life insurance premiums as not being about us, but as a representation of our commitment and responsibility to take care of our dependents financially. Just so we are crystal clear, I am not advocating running out to buy life insurance. Not at all. Instead, I want you to do what you feel in your gut is right for your family.

Now here's the thing I like to point out. Unfortunately, just as with many other things in life, there are some unscrupulous life insurance agents who are more focused on selling only whatever they have to offer so they can get paid, without regard for whether it's really appropriate to your specific need. However, the good news is there are also some decent, honest agents out there who can help you get exactly what you need to take care of your responsibility to your loved ones, so don't let the unscrupulous ones hold you back.

I wish you the very best of luck and a healthy long life with your family.
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