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Life Insurance Is for the Living, Your Survivors, Not You

RT Cunningham | October 24, 2020 (UTC) | Finance

life insuranceIs life insurance a necessity? It depends on whom you ask. Since life insurance is for the living, your survivors, what happens when you don’t have survivors? When no one depends on you for anything?

Even if you’re leaving someone behind, there are other (not necessarily better) ways to take care of certain issues. In many cases, it’s not insurance for life you should worry about. Taking care of burial expenses is one such issue and some form of burial insurance could be a better choice.

Life Insurance Options

There are several types of life insurance and a Wikipedia page describes most of them. The right choice depends on certain variables. Things like your age, the ages of your survivors and the things still pending upon your death will decide the best choice. You need to select the right insurance policy for you.

The older you get, especially beyond 60 in the United States, the less likely you will need life insurance for anyone. Some survivors treat it like a bonus or something. I have a mother-in-law who treated my deceased father-in-law’s life insurance payment like that.

I have a friend in the United States who refuses to buy life insurance even though he can afford it. He’s in his 60s, and he has no potential survivors.

Is a Social Security Pension Enough?

I suppose it depends on the size of the monthly pension. Today, my wife, Josie, and I subsist on my military pension alone. We both have separate life insurance policies and I have an accidental death and dismemberment policy for me. I’m eligible for a social security pension in two years, and she’s eligible nine months later.

Josie is the only survivor who would rely on my income (my pension until she turns 62, of course). She doesn’t need a bonus; she needs a monthly income. I’m sure my life insurance policy would tide her over for a couple of years. As a backup plan, she could always move in with one of our children and their families.

We own our home, and we own our car in the Philippines. We can definitely afford life insurance premiums.

Photo Attribution: Steve Buissinne from Pixabay
Edited and updated. Originally published at one of my other websites in July 2017.

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