Fair and Balanced

We can spend a lot of ink in this blog correcting misinformation that appears in the popular press about life insurance, why it’s important and who needs it. So it’s refreshing to be able to link to an article that provides a load of great information for navigating a topic that can, admittedly, be complex.

Christine Dugas and Sandra Block of USA Today wrote the article “Have Life Insurance? Is It Enough or Maybe Too Much?” in which they highlight some of the common mistakes that people make when buying life insurance. The first mistake that they bring up doesn’t make it into bold lettering, but may be one of the most important: “too often parents make a quick decision, ignoring important considerations.”

Taking time to educate yourself about your life insurance needs is important and a good place to start on your information-seeking quest is the nonprofit LIFE Foundation’s website. Peruse the information at your leisure (but not too leisurely!). Plus take into account the mistakes that this USA Today article highlights such as not buying enough life insurance, not insuring a stay-at-home parent and relying only on life insurance that you get through work.

There is one area of the article that could have been expounded on. One source quoted said, “Some people buy life insurance for babies, which is unnecessary, unless the baby is a child model who is supporting the family.” There are other reasons to buy life insurance on a child that are not predicated on “earning an income.” The blog post “Gifts of a Lifetime” gives a very straightforward look at why you might want to consider insuring a child.

That said, this article is about getting people to think about their life insurance needs and take a measured approach to getting it, which is A-OK in my book.

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