Anyone who says they cannot afford life insurance has their priorities in the wrong place. If we really think about it, what is more important than the security of our families? The cost of living increases every year with inflation, but we still manage to purchase the things that we need, including food, shelter, and clothing. We also manage to spend money on entertainment and addictions such as cigarette smoking, alcohol, and a few choice addictions which I will not mention here. But, why not add to our necessities the need for life insurance to protect our incomes? Women continue to get their hair done and buy clothing and jewelry in any economic situation. With our new lifestyles in the digital age, we now pay for mobile phones, Internet access, and cable television on a monthly basis which could be very costly.
If we have families, we have an obligation to provide for their needs, including their needs after we leave this earth. In this way, they can continue to live their normal lives in the event of our untimely deaths. If we do not provide for them, they may end not being able to pay for our final expenses and may up homeless. It is estimated that ninety-five million people in the United States have no life insurance, which could cover final expenses and indebtedness, such as the mortgage or family business.
The nice thing about it is that the cost of life insurance is much less than the debt that it will cover upon your death. For instance, if you are paying fifty dollars a month for $100,000 of life insurance to cover the mortgage, you will pay a total of $18,000 over a thirty year period, if the premium is a level payment. If you should die at the during that thirty year period, your family gets $100,000 even though you only paid $18,000 for it.
Because most of the people who are raising families do not have savings to cover final expenses and mortgages upon their death, they have to purchase life insurance in order to have this protection. Only five percent of the people in the United States are saving money regularly and about twenty-seven percent have no savings at all. Paying into a life insurance policy is a wise decision to protect the family against loss upon your death.