pay to play

magic_umbrella

I’m starting with what could be considered an ending.  No pun is intended there.

I had very different plans for this week and I’m sure they involved a light-hearted Wednesday post about some shopping adventure or my usual non-Compact meanderings.

Instead you have this.

Kevin says:

Sorry JD, but I was disappointed by this article. It really felt like an infomercial. It failed to address the single most important question of all: “How do I know if I need life insurance?”

Instead, it just said “Life insurance is great,” which is what I’d expect to hear from an insurance salesman.

I think a paragraph discussing how to determine how much life insurance you need (or if you even need it at all) was sorely needed in this post.

Incidentally, if you’re single and have don’t have any dependents or co-signers on any of your debts, you don’t need any life insurance at all. Your creditors cannot come after your family for payment if you die unless they co-signed the loans.

This is a comment from Get Rich Slowly’s post about Life Insurance.  That post is followed by 14 Tips for Purchasing Life Insurance.  I’m not sure which you should check out first as they are both must reads if you don’t have insurance.  And maybe even if you do.

Why did I post Kevin’s comment?

So I could tell you my response of course.  If you’ve been here before you know you’ll always get what I think about things.  So here’s what I think.

KEVIN IS ILL-INFORMED.  In fact, he’s just WRONG.  Why do I say this?  (And why do I use all caps, which I’m really not a fan of as I think it’s over-exaggeration and not really necessary?)

Because I knew a girl.  She was full of energy.  She was the definition of living life to the fullest.  She was 32 years old.  And on Sunday she died of a blood clot caused by a sprained ankle.  She had no children.  She and her husband did not have a mortgage and minimal debt.  So why would she need insurance?  As Kevin said, her creditors can’t go after her family.

Her family.  I sat with her family yesterday.  In the midst of their grief they are planning the funeral.  The one they have to pay for.

I thought the world of my friend.  I do not blame her for not having insurance.  In fact, last year I was just like her.  In fact, I was worse because I had a mortgage and a child.  My husband had insurance.  Not enough, but we never got around to getting into the details.  Finally a few months ago we took a look.  And we realized he wasn’t the only one who needed it.

If you’re a stay at home care-taker do you get a little pissed when people assume you “don’t work”?  I do.  Taking care of even one child is a full time job.  (Yes, payment comes in kisses.)  But it also has a value.  A real cash value.  If you can’t take care of whomever you take care of, who will?  Will you’re partner need to pay for that care?  Probably.  So why would only the “income earner” need to be insured?

If you have dependents you need insurance.  To take care of their needs.  And if you don’t have dependents, you need insurance.  To take care of your needs.

If I haven’t scared you away with my emotional (but honest) rant, talk to a professional.  I don’t have the answers, neither do the articles I link to.  But I know what I’ve experienced.  And life isn’t fair, why should it be costly too?

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4 Comments to “pay to play”

  1. I believe even single people with no debt should have life insurance because there are costs associated with death. Even if you have very little, there are funeral costs, which are generally $7 to $15 thousand dollars. There are also those little things, like cleaning out your place, disposing or storing of your belongings and getting everything closed through the courts. I think people need to take a serious look at their lives and the costs associated with their own death. Do you have pets? What happens to them? Who will clean out your apartment? Who will pay your rent until they can get the stuff out of your apartment? Who will pay to bury you? It might even be nice, if you can afford it to have some life insurance so that whoever has to clean up what’s left of your life can take some time to do that. Don’t just think about it in terms of no one being responsible for your debt, think of it as someone being responsible for what you leave behind.

  2. I’m really sorry about your friend.
    I hope your post will wake people up to the reality that they need insurance to take care of the people who would be reeling in the event of their untimely death.
    Sure, like anyone, I hate the concept of insurance. But it’s not fair to the people in your life to avoid it. It’s the only responsible thing to do.

  3. Kristin, you make some really good points ,well beyond what I had even thought about in my haste to advise.

    Angela, thank you for your sympathy. I agree, taking care of yourself (even at death) is the only responsible thing to do.

  4. Hi, I am really sorry about your friend.

    Your honest post is a wake up call, highlighting an issue that I need to consider.

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