Got Life Insurance?
July 14, 2008 by Laura | Trackback URI
Years ago, someone explained life insurance to me as a bet. You bet that you’ll die, and the insurer bets you won’t. A can’t lose proposition, right? So why doesn’t everyone have it? My first husband and I didn’t because in our twenties we didn’t worry about death. When I found myself alone and pregnant, relying on welfare and eventually Social Security Survivor’s Insurance, I figured out that life insurance for young adults is a pretty nifty idea. And obviously when you’re older you want to make sure your obligations are covered - it’s something my husband and I have spent a fair amount of time on because we’re closer to winning the bet than we used to be. But what about life insurance for kids?
I was offered affordable policies when my daughter was young. I never bought one because I couldn’t bear to contemplate cashing it in. It was a completely irrational decision - by that I mean I never even sought advice to see whether it was a good investment; I never gave it any serious thought at all. Just - NO. Now I’m a little older and I see it differently. Aside from funeral costs, the comfort gained from setting up a scholarship in a child’s name seems tremendous. It’s something I never considered until someone I knew went through it themselves.
There’s a disturbing line of thought in some Christian circles that we needn’t have contingency plans because it indicates a lack of faith and trust in God. On the other hand -
Sensible people will see trouble coming and avoid it, but an unthinking person will walk right into it and regret it later.
(Proverbs 27:12)
We plan ahead for all sorts of things that may never happen, but somehow, for the one sure thing - death - planning seems like a much lower priority.
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