When it comes to planning for the worst, most of us would always make sure the worst case scenarios are well covered off in business – but aren’t as good at planning for such eventualities in our personal lives.
This is because we’re always struggling for time and it’s easy to put off doing anything about the situation until tomorrow, or the day after, or the day after that… and on it goes.
This is why it’s a statistical fact that most us don’t have adequate insurance cover for life’s tragedies – except where it’s a legal requirement as with motor insurance, house buildings insurance and, in some cases, critical illness insurance.
But when it comes to thinking about other tragedies in life that that we may face, most of us don’t make sufficient insurance provision. Now if you have no dependents, life insurance isn’t a necessity. But if you do – and if you don’t have sufficient assets, investments and other resources to see those dependents through should something happen to you, then you really ought to have good life insurance cover.
We never think it will happen to us until it does – that’s human nature. But in business planning, we always think about and mentally accept such tragedy – so why not in our personal lives?
It’s a similar situation with child life insurance. Very few people like to even think about child life insurance for very obvious reasons; the death or serious injury of one of our children is such an unimaginably horrible tragedy that we can’t even bring ourselves to contemplate the very possibility. This is understandable – it hurts us deep down to even weigh the possibility. But just imagine, then, how you’d feel and how unable you may be to cope financially if something awful was to happen. Your whole life would be turned upside down. And this is the very reason it probably is wise to at least consider some form of child life insurance- particularly if you have more than one child; children who would be depending on you for support in all sorts of ways – just at the very point when you may feel least able to give it.