Don’t Forget About Life Insurance!

forgetting about life insuranceLife insurance represents one of the most important types of insurance available.   However, many forget about life insurance â“ in some shape, way, or form.   Follow along as we tackle this vital conversation and see how it may impact your financial situation.

Do You Have It?

According to an article from USA Today, 30% of households have no individual or employee-provided life insurance.   It is quite staggering to consider.

Imagine what might occur, if you were to ignore purchasing some type of life insurance.     Sure, you could beat the odds â“ you just have to stay alive.   Unfortunately, death can come rather unexpectedly, which could mean very bad things for your family.

Neglecting life insurance can put an unimaginable amount of stress on your family if something were to happen to you.   In many households, losing someone unexpectedly could easily undermine the family’s finances.   It could ruin that of saving for college tuition, certain goals for your children, and even drive your family to selling the home, bankruptcy, and so forth.

Those who don’t need a lot of life insurance still must recognize funeral costs and debts that would be left behind.   You aren’t exempt from the value of life insurance if you are single or have minimal expenses that will be passed on.

Neglecting Your Policy

Perhaps you haven’t fully forgotten about life insurance.   After all, as the previous article describes, a 35-year-old man can purchase a $500,000, 20-year term policy for about the cost of a Netflix subscription.

However, there is another mistake that can weave forgetfulness with life insurance â“ this is found in forgetting about your policy.   It seems reasonable to believe that the life insurance policy you purchased needs no further consideration.   Yet that isn’t necessarily the case.   Perhaps some of the following examples are true:

  • Your Needs Change: This is the big one.   You could easily need more or less coverage as time passes.   Perhaps the children are now on their own, or you and your spouse are paying off the home.   Whatever the case may be, that magic number❠will change.   Keep your life insurance policy in mind along with it.
  • Term Policies Expire: Here’s one where you literally can’t set and forget it.❠  You’ll have to recognize that the term life insurance policy will need to be followed up with something â“ be it another one, a different type of policy, or a very good plan.
  • Others: You might need to borrow against your policy, or consider switching policies for a number of possible reasons.   Along with the first reason, perhaps you want to get a second policy.   You also might need to consider your business with life insurance products.

From more coverage to synchronizing your life insurance policy for the well-being of your business, there are plenty of situations in which losing sight of the policy is not a good idea.   You should always be on top of your situation and life insurance policyâ¦


Along with your retirement plan and other products, life insurance is certainly one important item for you and your family.   Seriously consider life insurance if you haven’t already purchased a policy.   If you have done so, don’t lose sight of it and your finances.

photo by bytesrc

Powered By DT Author Box

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
. Happy investing :)

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing :)

More Posts - Website

Related posts:


  1. People also need to make sure the beneficiary on their policy is who they want it to be. When my dad passed away, his sister was still listed as the beneficiary on his life insurance policy. Surely, my dad didn’t intend for his sister to receive the life insurance benefits when he left behind a wife and kids. Do you think his sister offered us a dime? Unfortunately, this sometimes happens when people forget to update the beneficiary on their policy after going through a divorce. And even more unfortunate is there’s nothing that can be done about it if you die.

  2. I’m so glad you recognize how important life insurance is, Jon! Most term life insurance policies these days come with a conversion option, which allows you to convert the term life policy to a permanent policy (within the policy specifications of course). This option comes in handy, especially if something has happened to make the policyholder uninsurable.

  3. Good article Jon!!! One reason I got mine already is because the older you get the costly it becomes. A lot of the cost determination is ones health and living habits. So its good to keep this in mind when putting it off till a more “convenient” time.

  4. I think the most important point made was reassessing because of life changes. A family friend recently passed away leaving an insufficient life benefit all because they applied for the policy before having children and never increased their benefit.

  5. Great point. For me, one significant aspect in life insurance contracts is the nature of instituting the beneficiary. I guess it is important to set clear conditions for the grant.

Leave a Reply

%d bloggers like this:
Read previous post:
credit card bonuses
Use Credit Card Bonuses to your Advantage and Make a Killing

When most people hear the words credit card,❠they usually shut down and stop listening.   With the irresponsibility of...