Is Life Insurance Meant Only For the Rich?

I was having a coffeee session with a group of elderly people at my favorite coffee-shop Sunday last when an auntie asked me what I do for a living.

I told her that I help people to buy life insurance etc. Instantaneously, she told the rest that life insurance is only for the rich?

So you see, many people have the belief that life insurance is only meant for the rich because they thought only those who are rich have the money or mean to buy or have the need to insure themselves.

This is what they feel. Are their suppositions correct, I don't think so.

Those in the lower-middle income group generally I think can spare say 10-15% of their income for life insurance investment. That is I suppose should be sufficient to create enough life insurance coverage to protect them against the loss of income due to death or disablement. That is to say, better to have some life insurance coverage than nothing so to speak.

Secondly, it is important to appreciate the paradox that those who cannot afford to insure themselves have the greatest need for life insurance coverage.

Can you imagine if a person cannot afford a 10% cut in income, how can his family afford a 100% cut after he is gone?

I can understand that it is painful to give up current enjoyment by putting away dispensable income in life insurance. This is especially so for people who are not rich and therefore have limited disposable income.

It takes moral strength to make such a painful but right decision.

If are in doubt what life insurance coverage meets your need, do contact me and I would be more than happy to discuss with you.