As we come to this year’s close of Life Insurance Awareness Month, I was asked this question by a young prospect this week, why is life insurance important? To answer this question is no different than answering any question about why is insurance important? Insurance simply is transference of risk from one person to another. People carry car insurance in case they wreck or have their car stolen. This transference of risk keeps the auto owner from having to replace his car out of his own pocket. Most state laws require auto insurance. Now we have the Affordable Care Act or Obamacare that requires everyone carry health insurance. Why would anyone think life insurance is not important?

I find most responsible people purchase some type of insurance even if it is required by financing such as home owners insurance because the mortgage company requires it or car insurance because of an auto loan. When you think about it we worry about replacing our stuff more than ourselves. We, as human beings, are more valuable than any item we purchase regardless of price.

I’ll tell you why life insurance is important. Life insurance mends family finances in case of an untimely death. Life insurance is the most affordable solution to help loved ones through a difficult time. The proceeds from life insurance pay costly bills and allow family members time to grieve and heal. It keeps the lights on and food on the table during a hiatus from work. It allows children to attend college and fulfill their dreams. It pays for repairs when things break and you are no longer there to repair them. Life insurance keeps them in the family home where all of the memories are and doesn’t force them to immediately move due to finances. Without you being there income is cut in half if not more. You took a wedding vow that you promised to take care of each other forever, life insurance allows you to honor your vow after death.

Life insurance is very important to the ones you care about most. Insure your stuff to transfer risk but buy life insurance to insure your love. We all have an expiration date and we don’t know when that date will come. See life insurance is more than transference of risk. It builds a wall of protection for your loved ones.  It is one of the most responsible things a person can do for the ones they love.

“You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself. That is something you have charge of.”—Jim Rohn

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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 27 years of experience in sales and marketing in the insurance and beverage industries.