~This post is made in partnership with Genworth Financial. Opinions and stories are my own and are not influenced by any form of compensation.~
It has been quite a few years since I had went to school to get my Life Insurance license, but the valuable information I had learned has always stayed with me. Here are what I call “The Three Excuses” people give about why they don’t have life insurance.
- I don’t feel right getting Life Insurance on my kids. / I’m too young for Life Insurance.
First of all, you are never too young to have Life Insurance and getting insurance for your family (including your children) does not mean that you are focusing on the negative. I know many people that feel that getting life insurance on their partners or their children is bad juju; more than likely because Hollywood has had a lot of fun dramatizing life insurance in movies. Insuring your family isn’t a dramatic experience, it is just another way of taking care of each other.
In fact, insuring your kids now can actually have value in their future. There are certain policies that gain cash value that help later on for things like college tuition, down-payment on an apartment or vehicle. Or for those that get them while still relatively young and accrue value towards their retirement later in life. Just think about how your kids would feel when they turn 18 and realize they are able to get a fresh start.
An additional benefit to getting Life Insurance early in your life – health concerns. While you are young you are relatively healthy, but as you age you may run into certain health concerns that could increase your premiums.
- My spouse has Life Insurance through work, I don’t need it.
The other thing I notice a lot is that with spouses or partners, if one is staying at home, the one with the job is generally the only one insured. Sometimes we Stay-at-Home parents forget how important our roles are and that we are just as valuable to our families as the working (outside of the home) parent. In fact, Salary.com had actually estimated a Stay-at-Home parent’s salary value.
Salary.com estimates that a stay-at-home mom with one child who is pre-school age and another child who is school age would provide services worth a median salary of $112,963.
It’s easy to chuckle about how our families could never get by without us, but what we often don’t think about is how difficult it would also be financially without us. It is just as important for Stay-at-Home parents to have life insurance as it is for working parents.
- I can’t afford it.
This is really easy to say until you realize how much your family can’t afford for you not to. In today’s market a simple funeral/cemetery service might cost upwards $5,000 to $10,000 dollars, which is expected to be paid up front. This of course doesn’t include any of the other expenses given to grieving families. Taking time to afford it now means that your family won’t be forced to when you really can’t.
You don’t have to go to classes to becoming knowledgeable about Life Insurance. Genworth Financial has put together some information that can help you understand it better and why it is a good decision for the short and long run.
If you happen to be one of the people with an excuse as to why you haven’t begun insuring your family, make sure to first look into the options and become informed. Having Life Insurance is a great choice for everyone, including you.