Beyond road blocks, life insurance an important consideration

Jun 29, 2011

Families ought to find the time to consider life insurance

A report says people often come up with excuses for why they don't need to or cannot purchase life insurance. Ultimately, the report says, these excuses are just road blocks preventing them from accomplishing an important financial goal.

In a column for Louisiana's Shreveport Times, financial planner Kevin Murphy said many people like to think they're too busy to purchase life insurance, but the reality is time isn't on their side. An unfortunate event could occur at any time and cripple their family's financial situation, making it critical to take time out of one's schedule to speak to someone about a life insurance policy. Others are too focused on the morbidity of considering one's own death, but the positive side of life insurance is knowing that one's family is protected if anything unexpected ever occurs, said Murphy.

Others may be unsure where to start, said Murphy, who advised speaking to a financial planner about life insurance options. Some may say they don't have the money to do it, but low rates and flexibility policy amounts can allow consumers to purchase an affordable term life insurance policy.

The policies can be especially helpful if they also account for the cost of long-term care, which can be a burdensome expense later in life, experts say.

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