Originially posted on the Christian Post on December 2.
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My father recently passed away in an accident and a whole life insurance policy he had is providing some financial relief to my mother, though unlike some other policies they had, it did not pay more for an accidental death. But a term life policy my mother had ended and all that money they paid was lost, and no benefits will be available at all, and now because of my mother’s health, she can’t get another policy to help with some family obligations that will continue. That seems wrong to me. Can you explain how to pick an insurance policy and what to keep in mind when considering a purchase?
Confused and Uncovered
First, let me express my condolences on your loss and my hope that you are finding comfort from those closest to you. And second, great question, because making an insurance purchase is a lot more complicated than television spokespeople can lead you to believe. There is only one way to make the perfect insurance choice – by knowing the day of your death - which of course is impossible! People buy insurance trying to make their best guess about what resources will be needed should a tragedy occur, but because we don’t know when or how this might happen, choices must be made based on resources, health, and family circumstances.