Let’s face it, unless you work in the business, life insurance is not a favorite topic. It certainly doesn’t make the rounds on the dinner and cocktail circuit. Other types of insurance might, but since life insurance is closely associated with death, it isn’t exactly considered polite conversation.
That may not be a problem when you’re talking about strangers, but what if you have a loved one who doesn’t have life insurance, and doesn’t even want to discuss the topic?
It’s not really a matter of personal preference. Life insurance is absolutely critical, particularly for anyone who has people who are dependent on them either for financial support or for physical care. Not having life insurance could leave dependents in a serious impaired state upon the death of that person.
If you have a loved one who doesn’t have life insurance, and refuses to discuss it, you may have to force the issue. It’s the responsible thing to do.
Which Loved One Doesn’t Want to Talk About It
Probably the most obvious situation would involve a spouse. Since it is likely that you are dependent upon each other for financial support – at least to some degree – you have a vested interest in him or her having life insurance. But this is even more important if you have children. They will need to be taken care of in the event your spouse dies before they reach adulthood. That makes the discussion of life insurance a high priority – and no, it’s not a topic that can wait for another day.
But your spouse is hardly the only loved one you have who may not have life insurance, and not want to talk about it.
Others can include your parents. Even if they no longer have dependent children, they are still reliant on one another for at least some level of financial support. Adult children are another excellent example. If they have children themselves, they absolutely need to have life insurance to protect them in the event of their death.
At a minimum, you should want anyone who you are related to, to have at least some life insurance, even if they don’t have immediate dependents. Virtually everyone will need to have at least some money available to pay for final expenses, and maybe even to cover some debts and other obligations. If those expenses can potentially fall on you, then you need to have the life insurance discussion with them.
Reasons They Might Avoid the Subject
Probably the biggest reason people avoid the discussion of life insurance is that it carries the implication of their own death. While they may be reluctant to discuss death in general, they may be downright frightened to discuss it in connection with themselves.
Cost is another factor, and this can be a legitimate concern if the person is going through a difficult time financially. However it is far more common that people simply don’t want to carve an extra few hundred dollars a year out of their budgets for life insurance. It’s often because they have other priorities that they don’t want to have to compromise to pay for a contingent expense like life insurance.
Don’t Be Afraid to Bring Up the Subject
If you have a loved one who doesn’t want to discuss life insurance, you may need to force the issue. This should be obvious if there is an expectation that you will be financially responsible for any expenses in connection with their death. That could include final expenses, paying medical costs and debts, and especially if there is a need to provide for dependents.
You may have to be bold in this regard. It wouldn’t even be out of line for you to press the case that financial responsibility could fall on you in the event of their death. That’s not being selfish on your part either. It’s more a matter of pointing out that person’s financial responsibility to others.
And certainly if they have young children, you can feel comfortable being especially aggressive in forcing the discussion. Someone will have to take care of those children upon the death of your loved one, and that person should not expect to pass that responsibility on to you or someone else without making some sort of financial provision to make it possible.
In Extreme Circumstances You May Want to Purchase the Coverage for Them
If it is a loved one for whom you can reasonably expect to shoulder financial responsibility upon their death, you have a vested interest in making sure that they have adequate life insurance. If money is a problem, offer to crunch numbers with them, to help them find the money to be able to afford a policy. If not, you may have to take matters into your own hands.
It is possible for you to purchase – and own – an inexpensive term life insurance policy on a family member. You can take out the policy, and pay the premiums yourself. Naturally, you will only want to do that in a situation where the death of that loved one would create a financial crisis for you and other members of your family. You can name yourself or anyone else as the beneficiary.
It’s a tough choice to make, but we’re here to help you make it happen. Life insurance is our business, and we can help you to set up the right life insurance policy for you or your loved ones. Give us a call, and let us help you find the best life insurance policy for the lowest possible premium.