The three worst excuses not to get life insurance

Getting Life Insurance doesn’t mean that you are predicting your own demise. The primary goal of Life Insurance is to replace the income of the bread-winner in the family should something happen to you. You might receive advice from others, or even decide yourself, that this type of insurance is not necessary, and in some cases this might be true. However, here are three arguments you might come across whilst making that all important decision, and why if you listen, you’ll be faced with regret. 

The higher our life expectancy grows, the greater the need for Life Insurance grows as there is a greater likelihood that your family will still be dependent on you.  The general rule for not taking out Life Insurance is that if no one is going to be financially worse-off by your death then it isn’t entirely necessary.  However, there are some other common reasons people do not take out Life Insurance – if you are thinking of not obtaining it for any of these reasons, think again. 

My assets will take care of my loved ones 

It may seem logical if you have money saved, if you have a will, and if you have money in property or companies that you don’t need to have a Life Insurance policy.  However, there are still risks to consider.  You might not need to take out the insurance, but your family will need you to. If you have lots of assets, you cannot expect that your family will know how to run the companies or manage the properties successfully and come out with a profit. It might also not be profitable for them to sell up after your death.

A Life Insurance policy can save your family a lot of financial agony and disappointment if things do go wrong with your assets. 

I’m pretty healthy, Life Insurance is a waste

You might be at optimum health right now.  You get plenty of check-ups, you exercise, you don’t smoke, and you have an extremely healthy diet.  However, no one can predict what the future holds.  You never know when accidents or unexpected terminal illness can strike.  You can be healthy one day, then be struck down by a fatal accident, become a victim of natural disaster, pick up a nasty deadly virus, or find out you have a genetic condition.  

Life is completely unpredictable, and although the likelihood is that you will live to a ripe old age, there is always the risk of running into the unexpected and leaving your family exposed financially. 

I’ll just do it later, I don’t need it right now 

You know Life Insurance is important, and you’re meaning to get it sometime soon.  However, this might not be soon enough. Imagine if you are unexpectedly hit with a terminal illness.  Illnesses don’t necessarily creep up slowly and you cannot expect to know something is up and get the insurance simply if you predict something might go wrong.  The last thing you will want to think about when it comes down to it is insurance.  It is always best to have it there to protect yourself and your family before anything goes wrong.  That way the premiums are kept lower as your application is processed whilst you are healthy. 

Whilst many put-off purchasing Life Insurance because of the potential costs, compared to the relative costs of your family’s financial struggle after your death, it is worth the premium you pay.  Unfortunately this is a part of life we must face at some stage, and it is best to deal with it sooner rather than later. If you need advice regarding your Life Insurance options, contact Trade Cover WA today and we will be more than happy to help you.