Why? To mitigate risk. We have car insurance, but we don’t go out and run into a tree just to use the insurance. We insure our stuff—that is replaceable. And yet many people believe they won’t die early, so they don’t feel the need to have life insurance. Many people believe they won’t get sick or have a chronic illness, so they don’t feel the need for disability insurance. Many people believe they will not have health issues when they are in their 70’s or 90’s, so they don’t feel the need for Long Term Care insurance.
You don’t have to cover every imaginable risk, as there are too many. And, yet to be able to provide for your spouse, children, and family if something happens unexpectedly, is a gift to those you leave behind. Having insurance of any kind is not only helping you and your family. You are helping the community. Self-reliance can relieve you or your family from having to rely on government resources. It’s emotionally tough enough to lose a loved one, let alone having to worry about financial security.