“But I don’t need Life Insurance.” Part two – Who is really for?

“But I don’t need Life Insurance.”

Part two – Who is it really for?


Why Life insurance? 

Well ask yourself.  How do you want to be remembered?

Do you want others to complain about you at your funeral or brag about your smart planning?


I have heard it said many times

“Why do I need life insurance, I’ll be dead.”

True.  You will not need the money.  

BUT – Life insurance is NOT about YOU. 

  • It is about your children,
  • your spouse,
  • whoever will be left to pay your bills after you pass away and
  • It is also about leaving a positive legacy.
    • A legacy may be in form of a charitable donation
    • A positive legacy is also in making the responsible decision to ensure that you help stop the cycle of family debt by not leaving your kids with your bills.


Let’s consider the feelings that would result if you left your kids with extra unplanned expenses.

Just imagine.

Whose problem is this?

While your “kids” may be mature adults with their own families, let’s not take their plans and intentions for granted.   The money they are working for is intended to pay for their kid’s education and their family holidays.   Your adult children are not working to save up extra money to pay for your funeral.   Why should your kids be given the extra expense of your funeral, your tax return, and your surprise credit card bills etc.

It is responsible for you to plan and have the money available to pay for these.    If your answer to this is simply that you currently have this money available in your checking account, then I would advise you to transfer these funds to a secret account and put the password to these funds in your will so that no one can spend it before you pass away.   Then guarantee yourself that even if you spend years in a nursing home and need extra care and medication you will choose to ignore your secret stash of cash and leave it for your kids.    I hope that you see the humor in trying to maintain a secret account.

Really the only way to guarantee that your kids will have the cash is with a permanent whole life policy.

What about their feelings?

Also, we should sympathize that at the time of your passing your kids will be grieving in their own way.   We want them to be free to process this change in their life however they need too.  It is smart for you to take the time to plan your own funeral and so that they are not able to argue over the details.   Then more importantly We do not want to burden them with the task of setting up and paying for a funeral and making the decisions of how much to spend on a funeral service, the casket, the reception, the flowers, the gifts to the chaplain and the pallbearers, and the extra personal expenses of family travel, hotel, and meals during the days of family visits.     You want your kids to be free to share these days with the family without the stress of a huge credit care bill the next month

Again, I would recommend a permanent whole life policy that will cover the cost of all your final expenses.


How much should this be?

Consider the cost of

  • Funeral
  • Reception
  • Hotel and meals of family from out of the area
  • Gifts for Chaplain, pall bearers and volunteers at the reception
  • Charitable donations
  • A gift of health care support for grief counseling, massage or a stress release vacation
  • A final gift to your children.
    • Sure, a gift is not necessary, but how do you want to be remembered?


It is your choice as to the amount of the Life insurance benefit.    I do recommend a reasonable plan, while a little extra is a good idea, not enough is a bad plan.

Let’s work together to have a good plan that shows that you care for your kids and all those who are left to remember you.


Call 403-831-7820 to speak too Michael Spears, an independent Life Insurance Agent with National Best Financial solutions.