The World Is Changing: 6 Reasons Nobody Can Afford to Not Have Life Insurance

young asian couple holding child

There is a simple reason that many people don’t pursue life insurance coverage: they worry that they can’t afford it. But believe it or not, nobody can afford to not have life insurance anymore! 

Why is that? Simply put, the world is changing. There are new threats to both your health and the economy each day. We never know when we could unexpectedly pass away, leaving our loved ones in a worse position than ever. 

Life insurance can help protect you, but how do you know you really need it? Here are the biggest reasons that nobody can afford to skip life insurance. 

1. Life Insurance Coverage and the Danger of “Unprecedented Times” 

In the last couple of years, there is a two-word phrase most of us have heard from politicians, employers, and community leaders: “unprecedented times.” This phrase is a polite way of saying that the world around us is no longer the normal world we expected to wake up to each day. 

Of course, “unprecedented times” is simply a codeword for the global COVID-19 pandemic. The virus has already killed nearly one million Americans, and it doesn’t look likely to slow down anytime soon. Meanwhile, there have been nearly 80 million cases, and doctors and scientists are still exploring the long-term health ramifications of a COVID-19 diagnosis. 

Long story short? Thanks to COVID, you could die far sooner than you expected to, meaning even young people should invest in life insurance. And even if the virus doesn’t immediately kill you, some of the lasting COVID effects could reduce both the length and the quality of your life. 

Things like masks and vaccines help to protect you from COVID. But there is nothing like life insurance for protecting your family in the event something should happen to you. 

2. Crushing Debts 

Most of us carry some level of debt. These may be “smaller” debts such as credit cards, but they may be larger debts in the form of car loans, student loans, and home loans. To make it worse, the cost of cars, college, and homes has only gone up in recent years, so people are taking on much greater debt than previous generations did. 

In most cases, a person’s debt passes onto someone else after they die. So if you were to die today, then it might fall to your spouse or other family members to take on potentially thousands of dollars in debt. And considering how American wages have been stagnant in the face of rising costs, that person might not be able to pay the debt off. 

But with a good life insurance policy, you can make sure your debts are covered. And this helps ensure that your death doesn’t make things any harder on your family than they have to be. 

3. Rising Educational Expenses 

If you have children, then chances are that you have been saving for their education. Unfortunately, this has been increasingly difficult in recent years. 

That is because the cost of college goes up every year, and it has seen a large increase in recent years. Meanwhile, the amount of financial aid available through things like Stafford Loans has not increased. The bottom line is that even if someone wanted to take on student loan debt, the debt they take on probably won’t be enough to pay for their tuition and their expenses. 

And if you should pass away, the dream of your children going to college might be lost forever. But with the right life insurance policy, you can leave behind more than enough money to ensure your children have a bright future. 

4. Unstable Economy 

For those who are married, the primary motivation for getting life insurance has usually been to cover lost income. Basically, life insurance coverage means that one person’s sudden death would not leave the other partner with more debt than they can handle. 

If both spouses work, and especially if your spouse makes as much or more money than you, then you might think life insurance isn’t important. But consider this: the American economy has been unstable in recent years, with unemployment reaching an all-time high in 2020. 

You never know when your partner could lose their job. And even if they keep it, the rising cost of everything from gas to groceries means they may have trouble paying the bills if you should die. But with life insurance, you don’t have to worry about this. 

5. Difficulties of Retirement 

Many of us dream of retirement. After all, what’s better than spending your golden years with your family and not having to worry too much about money? 

However, most retirements are tied to the stock market and other investments. And everything from cryptocurrency to NFTs to threats of international war has caused instability in the economy. In other words, your retirement fund may not be as comfortable as you’re expecting when you retire, and some people find themselves unable to retire when the time comes. 

Certain life insurance policies, though, amass a cash value over time. Later in life, you can withdraw from or borrow against this value to help with the cost of living as well as any medical care you may need. 

elderly couple talking to insurance agent about life insurance

6. Covering Funeral Costs 

Eventually, most people make peace with the concept of death. However, it’s possible that your death can cause serious worries and cares for your family. And it all starts with your funeral. 

Like everything else, funeral costs have gone up in recent years, and it can cost as much as $10,000 simply to bury you. And this is on top of the other debts your family may inherit and the fact that they have lost one of their primary sources of income. 

Don’t let your death be a burden. Give your family and yourself peace of mind with a good life insurance policy. 

Get the Best Life Insurance Coverage Today 

Now you know why nobody can afford to skip life insurance coverage. But do you know where you can get the coverage that you and your family deserve? 

At InsureOne, we are always ready for you to get an online life insurance quote. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices