Why You Should Never Buy Life Insurance (And Other Myths You Should Avoid)

Life insurance? Pfft. Who needs it, right? We all know there are a million reasons why you shouldn't buy it. After all, it's just a monthly expense, a "just-in-case" policy that you probably will never need, right? Well, not quite. Let’s explore all the “great reasons” why buying life insurance is completely unnecessary — and then, just for fun, we'll flip those reasons on their head to show you why life insurance might actually be one of the smartest financial decisions you'll ever make.

"You're Young and Healthy, So You Don't Need It"

The Myth: “I’m young, fit, and healthy. Nothing bad will ever happen to me. Life insurance is for my parents, not for me!"

If you're young and healthy, then why would you need life insurance? Sure, you're active, you go to the gym, you eat kale salads, and you're planning to live forever. And let’s be honest: talking about life insurance seems like a conversation that belongs at your grandparents' dinner table, right?

The Truth: Being young and healthy is actually the best time to purchase life insurance. Why? Because you’re locking in low premiums that stay with you for the length of the policy. Think of it like renting an apartment: it’s better to lock in a great rate early on than wait until prices skyrocket later. Life changes fast — getting married, buying a home, or starting a family can all happen in the blink of an eye, and these milestones often come with added financial responsibilities. By purchasing life insurance when you’re young and healthy, you secure affordable protection for yourself and your loved ones, regardless of what the future holds.

"Insurance Is Expensive!"

The Myth: “Have you seen the cost of a life insurance policy? Way too expensive.”

Ah, the dreaded price tag. You've heard that life insurance can be pricey, and who wants to add another monthly payment to the list of bills? Why spend hundreds of dollars a year on something you might never need?

The Truth: The “expense” of life insurance is actually a reflection of the risk being covered. If you were offered a million dollars of coverage for just $1 a month, it would mean the event of you passing away is nearly zero — but we all know that’s not true. In reality, the cost of life insurance is directly tied to the likelihood of needing the payout. So, when a premium seems "high," it’s really the insurance company telling you that the event is likely enough that it’s wise to be covered. The expense isn't the issue; it’s the value that matters. And, compared to other major life costs (like a mortgage or car loan), life insurance is often quite affordable.

Moreover, buying life insurance is like locking in your future. Premiums can be kept low if you buy early and in good health, and that money can protect your family’s future financial needs — mortgage payments, education costs, or simply maintaining the lifestyle they’re used to.

"I Don't Believe in Insurance"

The Myth: "Insurance? I don't believe in it. It’s a waste."

So you're not a fan of insurance. You think it's all about taking your money and not giving much back. After all, if you can self-insure and have a healthy emergency fund, why bother?

The Truth: Most people who say they don't "believe" in insurance still make sure to buy car insurance, home insurance, and travel insurance. But life insurance is a different type of financial security — it's about protecting your loved ones. It’s less about the "belief" in the product itself and more about creating a safety net. And here’s a fact: the payout from a life insurance policy could be the thing that ensures your family’s financial security in an unpredictable world. It’s not about believing in the idea of insurance; it’s about believing in protecting what matters most.

"Let Me Think About It..."

The Myth: “I’ll take my time and think about it. There’s no rush.”

It’s easy to put off buying life insurance. You might think, “I’ll do it later,” or “It’s just not a priority right now.” And that makes sense — it's not the most urgent thing on your to-do list, right?

The Truth: Taking your time is okay, but it’s important to know the risks of waiting. A change in health status, an accident, or a shift in your family dynamic could drastically alter your needs or your ability to get coverage. Plus, as you age, premiums increase. Waiting to buy life insurance could mean paying much more in the future for the same level of coverage — or even being denied coverage due to a health condition that developed in the interim.

Think about it this way: by buying life insurance now, you’re securing your family’s future at a more affordable rate, ensuring they are taken care of no matter what happens. In a year or two, the cost could rise, or the opportunity might be lost. Why risk it?

"I Already Have Money Saved"

The Myth: “I have savings. I don’t need life insurance.”

It’s great to have a solid savings plan and some investments tucked away. You’re financially savvy and well-prepared. But you might be thinking, “Why would I need life insurance when I have savings that my family can use?”

The Truth: Your savings are a wonderful asset, but they can quickly dwindle in an emergency. Life insurance is designed to work alongside your savings, not replace them. It can provide liquidity to cover costs that would otherwise force your family to dip into savings or liquidate investments. Think of life insurance as a financial umbrella — it can cover the sudden storm of expenses, so your savings remain untouched and continue to grow for future use, like retirement or your children's education.

"My Family Will Be Fine Without It"

The Myth: "If anything happens to me, my family will figure it out. They’re resourceful."

It's easy to think that your family will manage without you if something were to happen. After all, they’re strong, capable, and can "figure it out."

The Truth: Life insurance isn’t about doubting your family’s resourcefulness; it’s about giving them the financial stability they need during an incredibly difficult time. Imagine the stress of your loved ones scrambling to pay bills, cover a mortgage, or navigate other financial commitments while dealing with grief. Life insurance provides a financial safety net, allowing them to focus on what's important — healing, remembering, and moving forward.

So, Why Should You Buy Life Insurance?

The real question is: why wouldn’t you? The myths surrounding life insurance often cloud its real benefits. It’s not about adding another expense to your budget; it’s about making a thoughtful, strategic decision that secures your loved ones' future. It's about ensuring that no matter what happens, they are protected financially and can carry on with their lives without worrying about how they’ll pay the bills or maintain their lifestyle.

As Keith Leech eloquently puts it, "When we look beyond the myths, life insurance is one of the most loving financial decisions you can make for those who matter most." Buying life insurance isn’t just about you — it’s about those you care about and the life you want to protect for them.

Now that we’ve busted some common myths, it's time to take control of your financial journey. Talk to a financial advisor today to explore the right life insurance options for you and your family. If you need our help, please reach out to [email protected] .