Do you think you don’t want insurance? Must Read this and you will thank us.

Do you think you don’t want insurance? Must Read this and you will thank us.

Being a responsible adult means making sure loved ones who depend on you are financially safeguarded if you unexpectedly leave them behind. The way you provide that protection is with insurance.

Source: Jhunjhunu

For many people, their first experience with life insurance is when a friend or acquaintance gets an insurance license. In my case, a college friend, recently hired by a major insurance company, contacted me (along with all of his other friends) to buy a $10,000 policy
underwritten by his company.

Unfortunately, however, this is how most people acquire life insurance – they don’t buy it, it is sold to them. But is life insurance something that you truly need, or is it merely an inconvenience shoved under your nose by a salesperson? While it may seem like the latter is true, there are actually many reasons why

·         The cost of a funeral and burial can easily run into the tens of thousands of dollars, and I don’t want my wife, parents, or children to suffer financially in addition to emotionally at my death.

·         The reason why you should not live without health insurance is that it could lead to a significant amount of debt. While health insurance is expensive, so is the cost of healthcare. People that do not have health insurance and get sick or injured will find that medical bills add up very quickly, and those without insurance will soon find themselves in tens of thousands of dollars of debt. For many people, this ultimately could force bankruptcy, which could have been avoided by simply carrying a basic insurance policy.

·         Like most fathers, I want to be sure my kids are well taken care of and can afford a quality college education. For this reason, additional coverage is absolutely essential while my kids are still at home.

·         Another reason why you should not live without health insurance is that you may not receive great care when visiting a doctor. While all emergency rooms are required to treat you, those without insurance may receive less care than those that have insurance. This is because a hospital will be concerned that you will not be able to cover the additional costs that could come with keeping you in the hospital for an additional night or scheduling follow up appointments.

·         Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Use of insurance for this purpose is most common in large estates, and uses permanent (rather than term) insurance to ensure that coverage remains until the end of life.

Insurance helps you:

• Own a home, because mortgage lenders need to know your home is protected
• Drive vehicles, because few people could afford the repairs, health care costs and legal expenses associated with collisions and injuries without coverage
• Maintain your current standard of living if you become disabled or have a critical illness
• Cover health care costs like prescription drugs, dental care, vision care and other health-related items
• Provide for your family in the event of a death
• Run a small business or family farm by managing the risks of ownership
• Take vacations without worrying about flight cancellations or other potential issues