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When it Comes to Your Life, Don’t Count on Luck

don't count on luckLucky numbers on a jersey, a rabbit’s foot key chain, or perhaps taking a chance on a wishbone at Thanksgiving – all good luck charms people use to bring good fortune and ward off bad luck. But not everything should be left to luck. Some things in life need serious planning with a bit of professional help. One of those things is life insurance.

When It Comes to Your Life, Don’t Count on Luck

Your life should never be left to chance, especially if you have a family or a business. Here are a few common misconceptions about life insurance, and important information you may not know.

I Can’t Afford It

With life insurance policies, there is no standard that applies to everyone. There are different insurance policies available to suit your budget and your needs. A little shopping around is all it takes to find the policy that is right for you.

If you’re finding that premiums are out of your budget, it may be time to re-evaluate your budget overall. It could be very costly for your family if you passed away without coverage, so budgeting for this protection is important.

Related: Dear Wife, I’m Dead – Here’s What You Need to Do

I’m Single and Live Alone

Maybe right now you don’t have a family, but in the future that could change. There are also your parents, siblings, or other relatives to consider.

Something to know about debt is that sometimes it doesn’t go away if you unexpectedly do. So even if you don’t have a spouse or children right now, your surviving family members may be pestered and pressured regarding your outstanding debts. Purchasing life insurance can remove the financial stress from those grieving your loss and handling your affairs after you’ve passed.

I’m Not Sure Which Insurer to Choose

Finding an insurance company can be daunting, but there are ways to find a highly rated insurer. Insurance companies are rated by various third-party companies. Look for insurers that have strong ratings in categories like dependability, financial stability and operations.

I’m Young and In Good Health

If you are young and healthy right now, that’s great!  But that doesn’t mean a sudden accident or unforeseen illness can’t happen. Also, purchasing life insurance when you’re young and in good health can result in lower premiums than if you wait until you’re older.

It’s Hard to Understand

Life insurance doesn’t have to be confusing. By doing a little research, you’ll be well prepared to discuss options with your financial professional. Here are a few key terms to become familiar with:

  • Term Insurance: this is a policy through which you purchase coverage for a specific amount of time.
  • Beneficiary: this is the designated person who would receive the death benefit payout from your policy.
  • Premium: this is your monthly payment for your
  • Cash Value: specific policies have the potential to build up cash value that can be used while you are still living.

Now that you have a better understanding of some common misconceptions about life insurance, reconsider whether it’s right for you. Life insurance is generally suitable for just about everyone, even at different stages in life. Don’t leave a financial burden for your loved ones, and be prepared for the unexpected. Don’t leave your life to chance.

Battle of the Mind


My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.


  1. If children or other loved ones depend on you financially, you should indeed strongly consider some type of adequate life insurance policy. It will protect their current standard of living if tragedy were to strike.

    • For sure! If you have dependents, but don’t have life insurance, you’re taking a HUGE risk!

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