If people didn’t die, or if people knew at birth exactly when they would die, the need for life insurance would certainly be looked at differently. The truth is that we all know we will die and unless I am mistaken, mortality tables would show that approximately half of us will die prior to the average mortality experience (and half after). There are life insurance products that directly address both of those experiences.
Probably the largest need and the most concern is with premature death. When I talk about premature death, I’m not talking about someone who almost, but didn’t quite, make it to the average mortality age.
Premature death is the one we all remember. If it has not been a close family member, I would be surprised if any of us hasn’t been a little shaken by news of someone we knew dying in their 50’s, 40’s, 30’s, 20’s……..teens. Think about it. Remember that feeling in your stomach when you heard that a friend, a way too young friend, died of a heart attack. What about when a friend’s teenage child is killed in a car accident. Or a friend of a friend who was diagnosed with cancer at age 48 and died within weeks.
It seems like these events come just frequently enough in my life that I have long since given up any thought of immortality. The best that I, or you, can do is to hope for a long life and plan for the possibility that it won’t be.
Bottom line. Don’t be worried about it, but be realistic and prudent. Unless you just simply don’t have a responsibility in the world and it’s OK if they just put your remains out with the trash on Wednesday, get life insurance.
This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.