Not Having Life Insurance Is The Most Selfish Thing You Can Do

Scott McEachern |
Categories
life insurance
Final Expenses

Earlier this week, I was surfing the web (we can still say that, right? Or is it too old school now?) and I came across a user comment that said “Not Having Life Insurance Is the Most Selfish Thing You Can Do” and it got me thinking. I actually Googled (that’s a verb now, right?) “Selfish Things You Can Do” and came across some pretty interesting responses ranging from funny to quite serious responses. 

I don’t want to really debate if it’s the MOST selfish thing you can do, but want to touch on a few points why pretty much everyone should have life insurance.

 

  1. You are going to die. Sad, but true. The only thing we don’t know is when. That’s why insurance exists! Whether we die tomorrow, in 10 years, or 60 years, there are going to be final expenses. There’s your final tax return (which may or may not owe anything), burial expenses, and funeral expenses. These costs can range from $10,000-$30,000 depending on how lavish you want this celebration to be. Some people don’t want a grand celebration at the end of their life though. I’ve literally heard a client say “I want there to be enough money to put me into the ground, and that’s it!” 

So, in your case, if you don’t have life insurance, who is going to be responsible for those costs? Will it be your spouse? Will it be your mother who just retired (and now has to come up with $20,000 or start a GoFundMe?) How will that affect their finances now that they have this added expense? Sounds kind of selfish to me to not have life insurance.

  1. There are many types of life insurance out there and each has their use in the right situation. One of the biggest reasons people put off purchasing insurance is that they have no idea how much it costs. I’m here to tell you that life insurance doesn’t have to be expensive, especially if you just want enough to cover your final expenses. A 20 year old can get a $25,000 policy for 10, 20, or 30 years and it won’t cost more than $8/month.

 

Things that you pay more than $8/month for:

2 Cake Pops from Starbucks
Adult Colouring books
1 Takeout Coffee/week
Your Netflix subscription

 

People ask me why I even bother promoting a life insurance product that costs $8/month, knowing I’ll make peanuts in commission. I tell them I don’t do it for the money I’ll make, I do it for the money I’ll save some families. And to me, that seems pretty selfless. If you'd like to discuss your situation with me further, please call, email, or use the contact form on our website.

Please do not call me for life insurance if you have won the lottery, you don't value your worth with your family, or you're never going to die. There's not much use for insurance in those situations.