PC-ES Life Insurance PC1374-Print

RISK MANAGEMENT

LIFE INSURANCE

Why I Don’t Want to Buy Life Insurance

If you’re like most people, it’s not that you don’t appreciate the value of life insurance. In fact, many people believe they need more coverage. You probably wouldn’t mind owning additional life insurance. It’s just that you don’t want to buy it. Thinking about buying life insurance, talking about buying life insurance, discussing the reasons for buying life insurance—all of this makes many people feel uncomfortable. Here are just some of the reasons why you may be putting off buying the life insurance you know you need. I DON’T HAVE ENOUGH TIME You’ll get around to buying life insurance, but not today. With all the things you’ve got to do, buying life insurance can come off as a low priority—just one more thing you ought to do. Plus, the whole idea of discussing life insurance isn’t a whole lot of fun. Who wouldn’t rather take the dogs for a walk on the beach, attend a child’s softball game, or spend those precious few hours of free time in the evening visiting with friends?

Nonetheless, buying life insurance is really an important task that should be addressed. Life insurance can help ensure that your family will have enough money to meet their financial obligations in the event of your death. THE SUBJECT IS BORING AND MORBID If you really don’t like to think about death, you’re not alone. Death is an unpleasant subject, and life insurance raises issues of our own mortality. Some people say that the very thought of starting the life insurance buying process makes them feel stressed out. There’s no great appeal to contemplating our own mortality. It’s a subject we’d rather ignore than address. The result can be inertia or denial. It doesn’t have to be that way. People who do act on their life insurance needs tend to focus on the positive aspects: the idea of meeting their responsibilities to provide for, and care for, their loved ones. They think of it as contingency planning, protecting their families against the uncertainties of life. They also recognize that life insurance is really about life and love, about helping to ensure a positive quality of life for their spouse and children if they die prematurely. I DON’T KNOW WHERE TO START If you don’t have a clue about which type of policy is right for you, or how much life insurance you need, join the club. Few of us truly understand life insurance: why we need

FIVE REASONS TO BUY LIFE INSURANCE  To provide continuing income for your family members   To pay off debts you leave behind  To pay final expenses and taxes  To provide an estate for your loves ones  To leave money to charity

it, what type of policy is best, how much we need, when and how benefits are paid, how benefits may be taxed, and more. That’s okay. It’s not your job to know everything about life insurance. That’s the job of an insurance professional in conjunction with your advisor. Thinking you need to have all of the answers about which type of life insurance is best for you is sort of like needing surgery and thinking you need to know which type of scalpel to use. That’s the surgeon’s job. In the same respect, the right insurance professional can guide you through the process of selecting the policy that best suits your needs, budget, and objectives, and can answer your questions.

Wealth | Investments | Planning Commerce Trust Company

Made with FlippingBook Annual report