Tuesday, January 4th, 2011In the recent article “The Case for Requiring Life Insurance,” Brian Fechtel lays out some points that have to get you thinking. And while the concept of legally mandating life insurance ownership may be far-fetched, I ask readers to think about these questions:
- What if new parents were required to show proof of life insurance prior to taking their newborns home from the hospital (just like they have to have a car seat). Should parents have to show proof of “financial responsibility”?
- What if plaintiffs in wrongful death suits were only allowed to collect from a guilty party an amount equal to the life insurance the deceased had on his/her life? Said another way: A third party shouldn’t have to pay your heirs anymore than you think your life is worth.
- Do you carry excessive amounts of liability insurance in case you get sued? If you are protecting yourself via liability insurance, are you protecting your family with a similar amount of life insurance?
- Why did the families of the victims of 9/11 have their “payout” reduced by the amount of life insurance they had? Fact: Those that had taken steps to protect their families actually received LESS than those who did nothing.
While it is currently not mandatory for you to buy life insurance, it is mandatory for you to take responsibility for yourself and your loved ones. Begin by determining how much life insurance you may need with this calculator. And make sure you follow through and buy that protection. Contact your insurance agent, or if you don’t have one, you can click here to find one in your area.