Do we need life insurance? This is difficult for me. I don’t like the idea of needing insurance in general. The definition of insurance is a thing providing protection against a possible eventuality. That alone makes me not want to get insurance, especially life insurance. Think about it. The thought–I need to have this vivid picture in my head–that I in turn may possibly die at any given moment.
“Every day we’re one day closer to death. But there’s no reason to rush into it.”
Why? Great question, thank you for asking…
In 2009, I had the unfortunate experience of attending a funeral for the four Oakland Police Officers killed in the line of duty. I was and am still part of our police department’s honor guard team. Police Officers, Firefighters, EMTs and public dignitaries traveled from all over the country (I think there were also public safety member from outside the USA) to remember and celebrate these officers’ lives.
The four heroes that are no longer with us are Sergeant Mark Dunakin, Sergeant Ervin Romans, Sergeant Daniel Sakai and Officer John Hege.
There were a lot of people there. At the time of this event, I was married without kids, but anytime I go to a public safety member’s funeral or a memorial it puts things in perspective. The Oracle Arena in Oakland was filled to capacity. So much so, that some personnel had to remain outside. During the service, numerous people spoke about the heroes and their past, and there were some songs sang to celebrate them, but one thing stood out.
To date I will never forget the fallen heroes’ children walking up and placing flowers on their caskets. I never cry, but I definitely had a frog the size of a chicken in my throat and my eyes were teary! And then at the end the bugler walks up, the crowd is silenced, and slowly everyone rises to the POA (position of attention) and renders a salute. Then the bugler plays those long sad notes. I recall hearing taps in Marine Corps Bootcamp and think: ‘Lights out my brothers.’
Now that I tugged on the heart strings a little, let’s take a look at a few circumstances for why we should have life insurance.
Does someone else depend on you to provide them with income?
If so, then you should have life insurance. Leaving your family without life insurance can be like going out to patrol without your bulletproof vest on. When my dad passed away, I was 21 years old. My mom was a teacher and I had three younger brothers and a younger sister ages 20, 18, 15, and 12. My dad did have a little life insurance, but I’ll tell you it went very quickly. Please view life insurance as a necessity–at least until your kids are adults and you are debt free. Then, and only then, reevaluate the need for whether or not you retain a life insurance policy.
Do you own a side business?
If you have partners, or the business will go under dramatic changes upon your death, then life insurance may be a good idea. The life insurance could help pay off unforeseen expenses like hiring some to take your place or backfilling the positions as others promote within your organization. The way you should look at it at, is whether or not someone depends on you for income within that organization.
Do you have outstanding joint debt or are you a cosigner on a loan?
Please let this one settle in and truly respect it for what it is. I would love to see you become debt free as soon as possible, but I understand it is difficult to do. If you have joint debt with your spouse, upon your death it will be a devastating experience. Trust me on this. Your spouse will be grieving and trying to pay the bills at the same time. My Dad and Mom owned a home and a truck that they owed money on when he passed. The truck was later repossessed by the dealership. If you have sufficient life insurance, this will alleviate a lot stress for the loved ones you leave behind. Sufficient life insurance will allow them to grieve without undue worry of whether or not they can make the next payment.
I get it.
I get it you are paying for something that may not happen, but if it does happen, will your legacy be clouded? Will your life be a little more difficult to celebrate due to stress over money…
The world is a crazy and unpredictable place and we work in a crazy and unpredictable career. We can only control so many factors in our family, career, finances, and so on, so please as a recommendation—Get Coverage.
I have life insurance which will pay off the house and leave a little extra to help take care of the family. I purchase and pay for this life insurance through the city that has hired me. Prior to buying a house and having children, I only had the city’s standard amount of insurance. There are a ton of life insurance companies like State Farm, Geico, Farmers and Fidelity. Do your homework. Look them up. Read the fine print. If you are prior military, please look into USAA. They are owned and operated by military members. Whomever you choose to protect your life, bear in mind that they need to be company that has, is, and will be around for a long time. Remember you don’t know what you don’t know, so start becoming a lifetime learner and invest in yourself, because you are WORTH it!
YES, you do need life insurance, especially if you are married with children or in a significant relationship. The greatest thing about sufficient life insurance is that it will allow you to sleep at night. Your mind can settle and you don’t have to worry when you put on your uniform and go out to do heroic business. You know that if you pay the ultimate sacrifice, then your family will be taken care of.
Please check with your city’s human resource division to see if you already have life insurance…How much you have and if you can purchase more life insurance if needed?
For example, where I work, our city pays life insurance equal to one year’s salary. So if I make $100,000 per year, and I pass away, the city covers that amount of life insurance for me. I chose to add the additional life insurance to our maximum which is $500,000. I pay $47.50 per month for that coverage.
Just as a reminder, the information I provide is for educational purposes, please do your own research and make your own decisions based upon that research. I care about you and want the best for you, but ultimately you should make an informed personal decision.
Your Assignment.
Not in a relationship— And don’t have any children, then you may want to have a small policy amount to cover expenses related to your death.
In a relationship—And married with children or in a significant relationship then, YES, you need to have life insurance.