Luis Pazos 
Before I got into writing about personal finance, I spent almost 8 years working with my husband at a funeral home. Greg was a mortician, and I was the Director of Family Services. My time there taught me a lot about life and death, but one thing really stood out—the impact of not having life insurance.
I often talked to families who were shocked to find out their loved one didn’t have life insurance. Some couldn’t even afford the funeral, while others worried about paying bills. This was heartbreaking for me, especially since I know how affordable life insurance can be, particularly if you’re young and healthy. For instance, I’m 40 and have two term policies worth $1 million for only $53 a month.
Why People Don’t Buy Life Insurance
Most people don’t get life insurance because they get busy and forget. We all know we need it, especially if we have kids, but it’s easy to let it slip down our list of priorities. Plus, thinking about death isn’t pleasant. I remember a family who lost a husband and father under 40. His wife said he’d mentioned getting life insurance many times but avoided it because he didn’t like thinking about death. He had a $20,000 policy through work but knew he needed more. Sadly, his reluctance put his family in a tough spot.
Cost is another reason people avoid buying life insurance. The reality is, term coverage is so cheap that almost everyone can afford it. People mistakenly think it’s expensive, which makes them hesitant. Many are also struggling to keep up with their current bills, so adding another can seem daunting.
Consequences of Not Having Life Insurance
Without enough people having life insurance, there are significant consequences for families. Here are some main issues:
Your Income Disappears
If you don’t have life insurance, your income vanishes when you die, leaving your family to manage bills and expenses alone. Many experts recommend buying at least 10 times your income in term life insurance so your family has financial support while they cope.
Your Debts Remain
Your debts don’t disappear when you die. Having life insurance can cover major debts like your mortgage, car loans, and credit card debt. Without it, your family is stuck trying to pay off these debts themselves.
Your Family Might Need a GoFundMe for Your Funeral
I saw many families turn to GoFundMe to cover funeral costs. This was always sad because a small-term life insurance policy could have spared them the added stress during their grief.
You Won’t Leave a Legacy
Life insurance can help you leave a legacy, whether it’s helping pay for your kids’ college or allowing your spouse to stay home and care for your children. Without it, families often feel angry and resentful because their loved one left them struggling financially.
Purchase Life Insurance the Painless Way
Buying life insurance doesn’t have to be difficult or stressful. Here are some tips to make it easier:
- Shop Around and Compare Quotes Online
It’s easy to compare quotes online. Many providers can give you a quote in minutes without needing your contact information. Always compare policies to ensure you get the best deal in terms of cost, coverage amount, and duration.
- Determine the Coverage Amount You Need
Experts suggest getting at least 10 times your income, but you might want more. Consider how long you need the policy to last based on your age and family situation.
- Look for Providers That Don’t Require a Medical Exam
Many people avoid life insurance because they don’t want a medical exam. Luckily, some providers offer policies without one. For instance, my second policy didn’t require an exam, and I got coverage quickly online.
The Bottom Line
If you’re reading this, you’re probably close to buying life insurance. Don’t delay any longer. Life is unpredictable, and insurance provides peace of mind for your family. Get a quote and ensure your loved ones are taken care of even after you’re gone. There’s no kinder or more loving gesture than that.
