Top 10 reasons I need life insurance…

Being a fan of David Letterman, I really enjoy his nightly Top Ten List. So, when I get asked the reasons why someone would buy life insurance, I found it easier just to give them my Top 10 list.

Number 10. To create an instant estate, especially if their demise is early in life.

Number 9.  To pay certain tax issues to be solved at death

Number 8.  They need a method to liquidate stockholder’s interests in their business.

Number 7.   To leave money to their favorite charity.

Number 6. To be sure their children get a college education.

Number 5. To fund buy/sell agreements in business assets

Number 4. To pay off their debts and their mortgage.

Number 3.  To protect their family/loved ones from financial ruin or burdens.

Number 2. To pay for final expenses ( i.e. funeral, burial etc.)

And the Number 1 reason people buy life insurance….Income replacement

There are literally hundreds of types of insurance products on the market. You can insure your house, boat, car, health, motorcycle, disability, jet ski, computer or cell phone. You may never have a claim. However, there is only one that is guaranteed to pay out, if you purchase it right. Remember the only two guarantees in life are death and taxes. Life insurance is the most important of all insurance, because we are all guaranteed to die one day. Make sure you protect your loved ones and purchase the right life insurance plan.


Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, blogger and team leader with over 25 years of experience in sales and marketing in the insurance and beverage industries.

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