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“In the beginning there came responsibilities and with that came the need for life insurance.” I get asked all the time when a person is old enough that they should seriously consider life insurance as part of their financial plan and the answer is clear, when you have responsibilities that would fall on someone else if you didn’t have life insurance.

Do I think students with student loans should have life insurance? Yup! Do I think a high school student that takes out a car loan, co signed or not, should have life insurance? Yup! Do I think a young married couple should have life insurance even though they don’t have children or a house? Yup.

We are a country that has somehow learned to look the other way from our responsibilities. Today, I was talking with an older client of mine. He’s 74 and lost his wife last year. He and his wife both carried policies because it was the responsible thing to do.

They did OK for themselves. All the bills are paid and they had a paid for house in Maine. He was asking my advice about his policy and whether he should convert it to a permanent policy. I reminded him about our conversations over the years about responsibility being the driving force behind life insurance and I asked, “With your wife gone, what are your responsibilities?”

Well, there really aren’t any was the end answer. His kids are doing great, he didn’t owe any money, and when we factored in that it would cost about 5 times as much for him to carry his term insurance on as permanent insurance, well it just didn’t make sense anymore.

Bottom line. The end is just the opposite of the beginning. It doesn’t make sense anymore when all of your responsibilities are taken care of.