When I first heard about the life insurance movement, my initial reaction was to brush it off because what young, healthy woman needs life insurance?
My beef with life insurance started a few years ago, when I was looking up how much it would cost to insure both my boyfriend and I just in case. We had just moved in together and if anything happened to one of us, it would leave the other strapped for cash.
I must have looked at the wrong company for the insurance because the cost was coming out to be around $300 per month.
This is, if you are unfamiliar with life insurance, an insane amount of money for non-smoking young adults who are completely healthy with no pre-existing conditions.
Obviously I didn't buy life insurance back then and now, a couple of years later, I still don't have it and neither does J. Here's why:
We Don't Have Children
I think life insurance is extremely important if you have children. If you have children and you pass away, who is going to provide for them? You may have a spouse that has a paying job, however, who is to say that he or she can support kids and everything you built together on only the one income?
Let's not even go there if you both pass away.
But I don't have kids yet, and I see life insurance as an unnecessary expense. To me, it's like having pet insurance for a goldfish.
I have enough savings to pay for a modest "celebration of life" should my family choose to throw one. My liabilities are very limited. Should I still have debt on my car if I died before I had kids, it could easily (and quickly) be sold to pay off the car and still have a chunk of change in the pocket.
We will definitely get life insurance when we buy a home, because it would be unfair to saddle my significant other with a whole bunch of mortgage debt on only one income.
We're Young (And Wild and Free)
I'm still in my early-ish 20's. There's a reason that life insurance is so much cheaper for younger folk, and that's because we're unlikely to die. I'm not saying that no young people ever die, but generally, we're in good health.
I'm not obese, I don't smoke, I don't engage in binge drinking, I don't do drugs of any nature, I go to the gym regularly and I have an office job (one of the safest you can get).
I don't even engage in high-risk activities like sky diving or even hiking, more because I'm lazy and less because I'm not adventurous.
There are two ways that are realistic as far as me dying:
a) Car accident
b) Death by internet stalker (I'm looking at you).
So while it could happen, lets be real, it probably won't. And heck, maybe by then one of my websites will be worth something and the boyfriend could sell it 😉 Phhff.. right.
I'm Covered (Minimally) By My Workplace
Many workplaces offer a settlement to the survivors in the case that a family member passes away. Mine does, to a small degree.
When I have kids, you better believe that I'll buy life insurance, but for now? I'm opting out.