Reasons Why People Buy Life Insurance

by TTMK on June 21, 2013 · 0 comments

Why would somebody consider buying life insurance?

Well, there are a number of reasons why people buy life insurance.  There might be different considerations for each family, as no two situations are 100% equal.  One family’s financial dynamics might be different from another’s.  Still, one can come up with a variety of things that motivate people to purchase life insurance.

Here are 5 reasons why people consider life insurance:

Replace Lost Income

If a breadwinner spouse passes away, the results can be crushing to a family.  There are a number of places to buy low-cost protection, and Suncorp offers cheap life insurance.  While lifetime income is of course hard to replace, some funds to replace a portion of what could have been made could be a motivator for people considering insurance.

Kids Expenses

People naturally don’t want kids to suffer in the event of an untimely death of a parent.  With tuition costs so high at many places of higher education, the total expense of raising kids is seemingly increasing year after year.   This is another reason some people consider buying life insurance.

Eldercare Expenses

This might not be the biggest reason, but it could motive some folks to buy life insurance.  There are plenty of people who are responsible for caring for an elder family member.  While seniors are not children, there are some who are actually cared for by their own grown kids.  It would be unspeakably tragic to lose any child, even if a grown child.  The money lost for care is not something that’s a first thought, but it could be an issue.

Paying Off Debts

If the survivors are living in a house, for example, it would add to the misery if the house was lost.  However, if funds could be used to pay off a mortgage and keep people in the house (as long as taxes and other expenses are paid, of course!), that could be another motivating factor for people to consider buying life insurance.

Peace of Mind

For some people, it goes beyond the actual, practical benefits mentioned above.   There are of course a variety of other reasons people might want to buy life insurance, in addition to the ones noted above.  However, it might also be the peace of mind of knowing that they can reduce some stress and worry that leads people to consider going for life insurance.  The sleep well at night factor is no small thing in our lives!

What about you? Do you have any other reasons for buying life insurance?


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