Disadvantages Of Not Having Life Insurance

Insurance in general is important for everybody, especially as you keep growing older. You may never know what you tomorrow will hold, and having something to renew any loss would be quite essential. The uncertainties of life increase and you can never know what will happen next. However, despite the grave reasons as to why you should get life insurance, some people do not bother acquiring this policy at all. This is attributed to the following reasons:

· Their children may be self-sufficient adults who can manage their lives on their own.

· They may have accumulated adequate income and assets to independently care for themselves and their families.

· Their estate may be too small to owe estate taxes or liquid enough to pay the taxes.

· They may not be able to afford to pay the available premiums, as they may be too expensive.

· Some of them may have serious health problems and have difficulty in obtaining life insurance with no medical exam required.

Despite the reasons given, lacking life insurance may still pose a great deal of disadvantages to people who have not obtained this policy. These disadvantages include:

· Lack of peace of mind

Having dependents, like your family and other loved ones, may make you always alert and conscious of anything that happens to them. You would always want them safe and catered for especially upon your death. Not having a life insurance gives you one more reason to worry about their upkeep.

· Loss of assets

Upon your death, you may lose many of your assets to creditors or even bill collectors as the assets may be taken as compensation for loans and debts that were secured by them. This situation cannot happen if you have a life insurance policy.

· High unforeseen costs

Anything can happen when you least expect it. Upon your death and without life insurance, there may be unexpected expenses that may pop up when your family does not have adequate income to cater for them. For example, funeral expenses

· Burden to loved ones

Without a life insurance policy, your death may put added financial strain to your family and loved ones. This is because they will have to cater for various expenses including your funeral expenses. In addition to that, they may even have to deal with creditors or bill collectors for a long time over the loans and debts that you did not clear before your death. This situation will be nothing but a burden to them, depriving them of peace of mind.

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