| You have that car covered,
because the law and the bank say you shall. Your mortgage company tells
you to maintain a policy covering the value of the home to protect their
interest. Because of these forced situations of insurance purchases,
many feel some negativity towards insurance companies.
Such resentment is understandable if you have never suffered a loss,
except perhaps for your annual premium dollars. Count yourself lucky
indeed. But you would feel most unlucky if you suffered an uninsured
loss. The bank would surely come calling for their outstanding debt in
the absence of the lost collateral. So thank your stars if you have
coverage at a reasonable price and bite the bullet at premium time -
it's worth it.
Now what about your money machine? Usually there is no bank or law
requiring you to insure it. It's the most valuable thing you have. Your
family depends upon it daily. It's you. Your ability to earn an income
and provide for your family is a very dear thing to your family. Don't
worry, I'm sure they love you for more than just your money, but your
providing for them is what makes their life manageable and happy.
Remove yourself suddenly from the picture, for the rest of their
lives. What will they do? The house is still mortgaged or needs usual
repairs. Taxes and utilities will still be owed. Junior will need a car
at 16 and daughter hopes to attend college - if the family can afford
it. Will these things be taken care of with your income no longer going
in the family banking account?
Your health and your life indeed are a very real economic value to
your family and deserve to be insured. The products to do this are
available, competitive and worth every penny. But nobody is making you
buy them - you have to either be asked by an insurance agent, or your
spouse, or else choose to do this by yourself. It's that old
responsibility bit again.
I look at this way - I didn't just choose to marry my wife for as
long as I shall live, I offered to be there for her as long as SHE shall
live. So if I leave the picture early, she should have a better life for
having known me during my life, and not be left holding the bag. I also
like to refer to a life insurance application as a love letter. It is a
terrific way to put into writing how much you love your children and
your spouse.
Even men or women who do not have a paid income, but provide services
for someone who depends on them, should consider buying a life insurance
policy to provide for these lost services for some period of time (such
as until the children have reached 18 years of age).
There is an additional need to consider - that of a sudden injury or
illness that does not cause death, but instead leaves you unable to
work. Being disabled is difficult enough on its own, but becoming
disabled as the bread-winner of the family can be economically and
emotionally devastating. Social Security only provides disability
benefits when you are severely injured. The availability of these
benefits should not be depended upon for your family's welfare. Look
into a disability income insurance policy. Such programs are rated based
upon the risk factors of your employment as well as your age and current
health condition.
But hurry. Don't wait until after your health is impaired by a major
illness or injury, making you uninsurable. As I explained, it is a
fragile and valuable thing that should be protected - and insured.
Russell Janecka is a Certified Insurance Counselor. He is the owner of Janecka Insurance Agency in Victoria, and serves on the board of directors with Germania Insurance Companies. (361) 573-4475 e-mail: info@jiavic.com
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