Why should you insure your life?
There are many words like "should" and "ought" we use to tell ourselves and the world around us that we have obligations. There are other words to tell us what we want and need. When we put together all the pieces in a decision, we choose to do things when we have needs we cannot satisfy in any other way. So where do we start? It all starts with the word "I". There is always a "me", and what I have is "mine". This is selfish. It may not be pretty, but nature has built it into us to help us survive. We are weak when born, depending on parents for everything. As we grow, we redefine the world into what is mine and yours until we have independence and the right to choose for ourselves. When young, we never think of our own deaths. We do not have the experience to understand what effect an early death can have on those around us. So until we come to understand that death does affect people emotionally and financially, there is no perceived need to satisfy. We can assume there are no obligations to meet. We do not buy insurance for others.
Yet this is untrue. The moment to start to borrow money, say to go to college or buy a car, we do have obligations. Even if we die tomorrow before we marry and have children, someone somewhere lost the borrowed money we did not pay back. If there was an accident and we were checked into hospital so doctors could fight for our life, who picked up the cost of the treatment when we died? Who will pay for our burial? Now write in the names of our spouse and children, our parents, family and relatives, and our closest friends. Why do we not think of their wants and needs? Is being one of a family in a community of friends not a system of responsibility to care for each other? If we did marry, the very least we should do is have enough insurance to pay off all the bills, including the mortgage, and leave him or her with a clean slate to start over. If there are children, we leave enough to contribute towards their future. Then we can die with a clear conscience.
Life insurance has a strange reputation. We rarely talk about it because we prefer not to talk about our own death. But that is no excuse. Everyone should step up to the plate and make arrangements for those who will survive us. They depend on us now. That dependence is still there when we die. If we do not leave enough money behind us, the need is there without any means of satisfying it. This is not rocket science. You need to start thinking about life insurance so those you leave behind will have the money to survive life without you.