Life Insurance- Isnt That Just For Old People Essay Example

No person can predict his or her own future, including the time of death. People prefer to refrain from overthinking this inevitable event, while starting families, businesses, having children and engaging in other significant human experiences. During the life time, almost every person acquires a set of obligations and responsibilities, both moral and material, and they are often transferred to the person’s parents, relatives, children, spouses and business partners in case of death. The acquisition of the aforesaid responsibilities begins during the young adulthood and sometimes even earlier, and although the death rate of people of these age groups is not as high as of the old people, they are still as vulnerable, as the latter. Realizing that the invincibility of young people is a myth leads to the contemplation about the necessity to purchase a life insurance in order to protect the beloved ones and business partners from the potential financial hardships that might occur in connection to such person’s death. Thus, despite the common misperception that life insurance should be relevant only for old people, it is actually a matter of responsibility, rather than age, health condition or luck.
When considering buying the life insurance, the person needs to think of those people in his or her life, who are most likely to be affected by the decease. If there are no people dependable on the person, he or she might not need the life insurance, unless such individual is interested in making money for own retirement by buying the type of insurance that accumulates cash value that can later be used after the person becomes retired, for example, to pay bills for medical services. At the same time, if the person has taken a student’s load or incurred any other debt, whether in marriage or before it took place, the person’s parents, relatives or spouse might become responsible for repaying the loans in case of the borrower’s early death. Buying the life insurance can help to alleviate the troubles for the beloved ones, who already have to deal with funeral and other expenses. If the person has a real estate in the area, where property taxes are high, he or she might also need to make provisions for the future to help the relatives pay them.
In case the person has people, whose well-being is depending on the person’s income and help, life insurance can be a good option to help them keep their living standards the same. If one has or decided to have a child, he or she might want the child’s needs, including the educational ones, to be addresses even after his or her death. Likewise, as parents become older, they might need more attention and care, as they might not be able to take care of themselves. In such case, if one dies before his or her parents, such person might want them to have enough money to pay for special care and support, and life insurance can become a helpful tool.
Talking about more distant relationship, business partners might be interested in getting the life insurance and indicate each other as beneficiaries. Thus, in case of one’s death, the business will have a chance to survive without the other’s presence and investments. One can also profit from own life insurance, if such person chooses to buy a special plan that will provide a good income after retirement if purchased on time.
Life insurance is not a matter of interest solely for the old people, as everyone will eventually mature with the subsequent deterioration of health. At the same time, during the life time people are very likely to establish close connections with other people, including starting own family. Although life insurance might not seem advantageous for young people, whose income is not yet as high as needed to feel comfortable paying for the life insurance, taking responsibility and purchasing one during the young adulthood might turn out to be very beneficial in the long run.