It’s not pleasant to think about, but that doesn’t mean you shouldn’t.
I’m sure everyone has gotten well and truly tired of hearing the phrase “in these uncertain times” lately. We’re living in a scary time, and I don’t think I’m alone in not wanting to be reminded about it every five minutes. But the fact of the matter is that current circumstances have made the act of simply living day to day life at least a little less safe. In normal circumstances, most folk wouldn’t need to consider the notion of their untimely passing especially hard, but with the pandemic still spreading and the economy stressed and stretching, you need contingency plans.
The last thing you want right now is those you care about to be unable to pay the bills if you’re not their to provide. If you have any dependents, be they children or adults, or if you hold a joint debt with someone, you definitely want to have a life insurance policy in place. In the case of dependents, it’s not just a matter of primary family earners; even if you stay home while your spouse earns, you should still have insurance, as any kind of close familial death can cause all manner of financial complications. As for joint debts, if you don’t have an insurance policy in place, your cosigner will be forced to fit the whole bill, which was likely not an option for them if they needed a cosigner.
Life insurance is also vital if you have a particular medical condition or work a hazardous profession. Immunocompromised people are at a higher risk of illness and death even when a pandemic isn’t going on, to say nothing of when one is. Those in physically hazardous jobs like emergency responders and construction workers should also have a policy, as the economy’s current unstable state can make a hazardous job even more hazardous with longer hours and stricter deadlines.
I’m not telling you that you need to begin anticipating your untimely death. Please, be positive, hope for tomorrow. But being positive doesn’t excuse you from financial responsibilities. Do your due diligence, and with any luck, you’ll never have to use your contingencies.