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Buying Life Insurance has always been a relatively slow process. The average middle income family does not even have a life insurance policy. Surveys also typically reveal that households are significantly under-insured. Apparently, 5 out of 6 consumers because of human nature, just never get around to meeting with an agent, and even of those that do only some could be considered appropriately insured. Don’t we as a society want those bereaved families to be well taken care of as we want those who survive their breadwinner’s wrongful accidental death?

Few really imagine themselves as dying prematurely, and many think that if such a death were to occur, it would necessarily occur in a wrongful accident, and therefore their family could sue the other party for millions. But such thinking is faulty; the chance of dying from a brain tumor or other unimaginable illness is much greater than the chance of dying from someone’s negligent act. It’s a public disservice to allow individuals to maintain such false beliefs.

As a society, we require that parents take lots of actions for their children’s wellbeing (CHILD SAFETY SEATS, VACCINATIONS, ETC); therefore motivating appropriate life insurance coverage is entirely consistent with such well- founded care. Avoiding discussions about life insurance may well be human nature, but that does not mean that it is rational, reasonable, or even good. In many arenas, (social security, mandatory enrollment in 401(k) plans, bicycle helmet laws, mandatory car insurance, vaccination of children, and quite possibly soon- mandatory health insurance, etc.) laws are passed to require individual responsibility. The wisdom of such laws is widely accepted. While some might argue that mandatory auto insurance is designed to protect others that one might harm, the life insurance situation is entirely analogous; the “other” being protected is actually not just any “other”, but a loved one. All that is required is the parent to view themselves as fiduciaries with responsibility to protect their family’s primary asset (his/her future income stream) or the dependents’ benefit. Imagine an ideal world, where everyone had life insurance. Wouldn’t that help to reduce the cost of life insurance coverage?

Quite simply, more effectively motivated life insurance buyers – by using society’s means of collective wisdom persuasion- to make sure that their loved ones are appropriately protected (regardless of how they might prematurely die: illness, accident, or wrongful accident), could really turn family breadwinners into life insurance buyers and speak to society’s best collective wisdom about a subject like life insurance. And when that happens, everyone will win.

About this column:
Tony Ngari is a local Independent Representative of Primerica Insurance Agency of Massachusetts, Inc who has been helping clients representing Primerica Life Insurance Company. You can find out more about Tony and Primerica by calling 978-996-7579.
The cost and availability of life insurance depend on factors such as age, health, and family medical history. If replacing your insurance, never cancel a policy before your new coverage is in place. Policies commonly have surrender charges and replacement may carry income tax implications. Any guarantees are contingent on the claims-paying ability of the issuing insurance company. If you are considering the purchase of life insurance, kindly consult me to explore your options.
Tony Ngari