I know what you’re thinking. I’m not going to die and, if I am, I sure as hell don’t want to think about it. I’m with you on this one. I’m 22 years old, and I sincerely doubt that I will ever slip off this mortal coil.
Insurance makes me mad. It’s like superannuation. I see all this money disappearing into this seemingly endless pit, from whence it’ll never return. From where I stand right now, there really isn’t much to insure anyway. Should I be hit by a bus tomorrow, the best I would leave behind is an excellent CD collection (if you like Conor Oberst and Bob Evans) and a slightly banged up guitar. I know you can’t put a price on that kind of joy.
I like to think that the dominating thought going around should my life come to an unnatural and untimely end would be grief (right guys, right? You’d miss me when I’m gone?). I’m sure you all like to think the same. One way to ensure people can concentrate on their grief and talking about how wonderful you were is life insurance. Instead of panicking about how your nearest and dearest will possibly make ends meet with you gone, life insurance leaves them free to throw one hell of a wake.
Here’s why you need to get that life of yours covered.
Because things get tough if you don’t
The people you leave behind will need to cope with your outstanding costs. Things are going to be hard enough without having financial strife to deal with. Things like mortgages or your kid’s education should be provided for in the event of your death.
Life insurance is your security that things will be okay for your loved ones even after you’re gone.
Because now is the time
If you get life insurance when you’re young, fit and healthy, your premium will be considerably lower than getting it when you’re older or less than staggeringly fit and healthy. Your premiums will stay considerably lower throughout your life because you were insured while still young and dashing.
Because you should give peace a chance
Your peace of mind genuinely is like a Mastercard ad: priceless. As much as you might resent the premium, you’ll sleep better at night knowing that everything can be taken care of.
How much is enough?
According to this article, your life insurance should be between five and ten times your annual income. The best idea in this instance is to discuss your options with a financial planner, who will be able to recommend a good insurer as well as how much insurance you should get.
Do your research and find out who offers the best rates. Talk to your friends and a financial planner about who they’re using. Make sure you review your life insurance periodically, and if you get a massive raise, ensure that your policy reflects that.
It must be the Irish side that makes me maudlin, but I like to be realistic enough to prepare for all eventualities.
I would also like to ensure, as much as possible, that I am remembered fondly after my death. Life insurance might just be the thing to make that happen.