When it comes to personal responsibility for other people, there is often a line that many of us draw in terms of how far we will go. There are so many aspects to our lives that demand attention, that we can only allocate our time and money the best we can to meet all our needs and interests. This is simply the case even if we have the best of intentions.
If we stop to consider the notion of helping people after we pass on, it might seem like we’re actually going into some really out there territory. After all, if we have so many responsibilities and interests during our lives, why would we think about caring for others when our own life is gone? It’s an interesting concept when you think about it!
Well, there are a couple of things we can consider. One is for family, and the second is for others who might need help.
For Family – Consider Life Insurance
There is no doubt that each of us has love for our family. Sure, our own finances and health are important to us, but so are our relationships with the people closest to us. One could say that the three are interrelated. For me, there is nothing more important than my family, and my responsibilities as a father top that list. I know I’m not alone in feeling this way as a parent.
Accordingly, life insurance is something that we should at least consider. Here are 6 reasons why life insurance might be good to purchase:
- Anything could happen. Really, we can’t plan with certainty that everything will go according to plan in life. Think about it, in different areas in life – be it professionally, in relationships, with health – some things just happen that we can’t foresee. Actually, in general, expecting the unexpected is one of the key personal finance tips to think about. Not that we think anything is sure to happen, but regardless we want to be prepared just in case.
- Keep your family in your home. Okay, this might seem like an interesting one. But what if the primary wage earner in the family is no longer there to generate income? Would you want to see family have difficulty handling a mortgage, and have to move to a less comfortable place with perhaps different schools and surroundings? At least staying in the home would keep some stability, and proceeds could help with that.
- Provide help for college. Similar to paying a mortgage, the breadwinner might be contributing to college savings. While retirement and certainly daily needs are a priority (though many would disagree), it’s naturally the case that many parents feel a strong interest in helping their kids with educational expenses at least to some extent. Instead of leaving a kid in the lurch and saddling him or her with tons of debt or limited choices, proceeds could provide protection.
- It could be more difficult to get later. When younger and healthy, it can potentially be much easier to get the right policy you want. As a person ages, there could be new serious health issues that emerge that make coverage possibilities a little different that they could have been earlier. It might be good to at least consider the notion that buying earlier could provide more desirable options.
- Take care of funeral expenses. Yes, I know this might not be a fun thought. But when dealing with the emotions of losing a loved one, stressing over paying for a proper funeral would seem to be one of the last things that people should deal with.
- Peace of mind. Sometimes there is the sleep well at night factor too. Just knowing that there will be some resources there to keep things moving forward for the family can be reassuring. That might be worth something by itself!
For Others – Consider Organ Donation
When one person passes, it can be a difficult situation for the surviving family members. That being said, there are also other people out there who are scared of losing their family members too.
Much like life insurance can help our family members when we’re gone, organ donation can be one way to help others at that time. There are so many people out there that need donations, and along with their families would really be incredibly appreciative of the opportunity to improve their chances. This is an example of planning beyond the gift of life, and can make a real difference.
Bottom Line: We have the opportunity to help people today, and after our time, by at least considering taking certain actions when we have the chance.