Is Life Insurance A Waste of Money?
There are many people today who are wondering, is life insurance a waste of money? I used to be one of them. Like most people I just felt that life insurance wasn’t that fun to have let alone buy. That all changed the weekend I lost a close family member who was also a young father. Thankfully he had a very small life insurance policy through his employer. It’s amazing how even a small term life insurance policy can make a big difference in someone’s life. In those situations, it becomes clear that life insurance is not a waste of money.
How Many People Have Life Insurance
Many people today are facing increasing financial pressure, even those who are committed and disciplined with their personal financial planning. The uncertainty of the economy is causing many people to cut back on their monthly expenses. Unfortunately this includes life insurance.
However, this isn’t necessarily a wise decision. After all, if something happens to you it could actually put your family in a worse financial position. When asking the question, is life insurance a waste of money it’s important to remember that there are several final expenses that will have to be paid should you pass away unexpectently. These would include a casket, burial plot and tombstone. Should you choose cremation, there will still be significant financial obligations. These financial expenses could actually leave your family felling more stress on top of the pain of losing someone they love.
There are many ways to save money today and you should always be on the look out for ways to cut your expenses. There are many expenses that just aren’t that important like eating out, paying for cable or even pet care. When making financial cuts to your monthly budget it helps to make a list of needs verses wants. Everyone needs food and shelter. We don’t need cable or McDonalds. It’s amazing how many ways you can save money without canceling your life insurance policy.
Is Life Insurance A Waste of Money
Is life insurance a waste of money? We don’t think so. If you’re still unconvinced, call your local funeral home and ask how much the average funeral costs. It won’t cost you anything and you’ll be amazed at how much you can learn just from talking to the undertaker. You may even want to stop in and ask some specific questions about how prepared some of the family members they’ve worked with have been.
Also, speak to a licensed insurance agent. You may be surprised how affordable a 30 year term life insurance plan can really be.