Megan H

Flames roar from within the house, licking the sky as it shoots into the air.  A hurricane hits the city and a lake overflows, sending waves of water into the surrounding houses.  A father goes to work and doesn’t come back home because of the heart attack he has, and his wife and newborn child are left alone.  A young girl is driving to a job interview when someone, who isn’t paying attention, slams into the back of the young girl, leaving her jobless and with a totaled car.

What do all of these events have in common? Besides being unfortunate setbacks in life, they all have this in common: help can be provided to resolve the pain of these situations.  Financial support is key when dealing with disasters like these.  A large part of society takes insurance for granted, but when people actually experience one of these events, they are eternally grateful for the help they’ve received. An anonymous woman whose alias is Cathy tells her story in a Forbes article on the importance of insurance and how it impacted her life.  Her story is about how she was widowed at 26, something no 26 year old should ever have to think about.  Her husband was a construction worker and was involved in a serious work accident that resulted in broken ribs and a severed aurora.  Now Cathy was a widow with a nine month old child at the age of 26.  Cathy was left heart-broken and husband-less, and she still had a young child to provide for.  Fortunately, she had life insurance.  This insurance allowed her to work part-time rather than full-time so she could raise her child and afford a babysitter.  She says that life insurance was her “lifeboat in a sea of uncertainty”.

Had Cathy and her husband not set up a life insurance policy, Cathy’s life, along with her daughter’s, would have taken a turn for the worst.  She would struggle to pay for her husband’s funeral.  She would lose half of her household’s income, the portion that came from her husband, and have nothing to help her compensate for it.  She would have to work extra hours at work to make ends meet, which would mean she would have to invest even more money into a babysitter to pay for childcare.  She would most likely struggle to advance at work because of financial and emotional instability at home.  Not only this, but on top of all her financial struggles, she would out on time watching her daughter grow up.  She would have to dedicate almost all of her time to her career, not by choice but because it would be a necessity to provide a stable life for her daughter.

I personally have experienced the critical need for car insurance after being involved in an accident.  I was at no fault;  I was rear ended while on my way to a job interview.  My car was totaled, and at 17 years old it seemed like the end of the world.  Luckily, I wasn’t at fault so I didn’t need to use my own insurance.  However, my own insurance company guided me through the whole process and made sure I received full compensation for the loss of my vehicle. Without insurance, I wouldn’t have had the help I needed to replace my car.  My car insurance made my situation easier to resolve and helped speed the process.

I am now confident in the fact that I will be purchasing insurance when I enter my adult life.  Not just for car insurance, but for all forms of insurance.  Cathy never expected to need life insurance at the age of 26, but she did.  I live in an area where floods are common, and I have witnessed the need for flood insurance first hand.  When hurricanes hit the East Coast, everyone worries about having food, electricity, and keeping their family safe.  We worry about what we will do if we lose electricity and our food and medicine can’t be refrigerated, or how we will pay to replace the lost food and medicine after days without electricity.  No one wants to, but we have to consider the damage a hurricane can cause.  A few years ago, a tree crashed into my brother’s room, destroying the roof of our house and the wall in his room.  Having insurance gave us peace of mind and let us focus on the safety of my brother, not questioning how we’ll manage to pay to fix our home. Insurance is critical, no matter what the form.  We all experience an unexpected event that provokes the need for help at some point in our lives.  Without insurance, we would be stuck in a lifetime of debt and unhappiness.  Insurance is our safety net, or as Cathy puts it, a lifeboat.

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Use Life Insurance to Protect Co-Signers on Student Loans

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