Is Getting Life Insurance on My Husband Like Betting He Will Die?
Becky Lippoldt
I am conflicted somewhat about by efforts to secure a term life insurance policy on my husband. Initially it was based on the thought of doing the financially responsible thing mostly for the sake of our children. I have had it suggested that it is the same as placing a bet that my husband will die sometime soon.
My husband and I have two children, a house and two cars. We are trying to save for decent furniture to replace the second hand pieces we have that friends and relatives were going to discard. We are a one income family because I stay at home and care for two pre-schoolers, a cat and all that the nearby relatives and neighbors expect from us. Even being able to pay for a life insurance policy is going to be a stretch. So we struggled with the decision to commit to the expense. We are trying to provide protection for the children just in case the worst happens to my husband and sole source of income for the family. One family member made a snide comment while I was agonizing over the decision which is where I got the idea that our term life insurance policy is like placing a bet that my husband dies within the term of the policy. For that is the only way we get paid off or get any money back from our years of payments. In fact the sooner he dies, the better our return. What do I do with that?
Well, my husband took that concept and spun it differently. He gave the concept back to me this way; the majority of our money is spent on bets that he will live a long time. And all of our emotional and spiritual capital is invested in each other and the concept that we will both live to a ripe old age and spoil the heck out of our grandchildren and maybe even their children. The life insurance money is a hedge against the statistical reality that a small few of people like us end up needing such a thing as term insurance.
So I will complete the process of getting term life quotes and buying from the company with the best term insurance rates. I guess a gambler placing hedge bets like this fully expects to lose that money but feels some comfort about covering the downside.
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