Life insurance. How possibly could you want this?
The very words conjure up visions of those slippery salesmen who used to knock on your door with their briefcases full of promises. We’ve all heard the pitch: “Protect your loved ones… secure their future… peace of mind…” And yet, when you think back, can you honestly remember a life policy that ever did anything?
Now, I’m not talking about endowments, retirement annuities, or those fancy “investment products” with glossy brochures. I’m talking about plain, old-fashioned, pure life cover. The kind where, if you die, someone else gets a cheque.
And let’s be honest—most people would balk. It’s expensive. Very expensive. The kind of expensive that makes you wonder whether it’s worth paying premiums for something you’ll never see.
But… here’s the kicker.
Imagine life cover as part of your estate planning. Suddenly, the unthinkable becomes useful. A well-timed policy could mean your beneficiary—chosen carefully, I hope—walks into a future a little more comfortable than the one you left behind. Not bad for a piece of paper you once signed in a bank office.
Speaking of banks, let me share a story. Years ago, one insisted I take out a small life policy to cover my bond. I was young, so I signed. Banks, you see, are 100% risk-averse. They take fewer chances than a cat near a bathtub. And guess what? I still have that policy. Looking back, I could kick myself for not increasing it. It would’ve been a gift horse for one particular beneficiary I have in mind.
So here’s the question: is life insurance worth it? I can’t tell you yes or no. I’m no financial planner, and you absolutely should talk to a qualified one before doing anything. But maybe—just maybe—it has a place.
If you’re curious, here’s an article that looks at life cover specifically for seniors: Life Insurance for Seniors.
Who knows? That slippery policy might one day be the most useful thing you ever bought.
