Life Insurance Can Prevent Poverty

erase-poverty-326x235I live in a small town in northern New Jersey (population 30,000+). When good things happen, you know (especially since the mayor posts on Facebook nearly every day :). When bad things happen, you hear about them too. Let me tell you one sad tale from a few years ago.

A young couple with a young family. They were in their early 30s. They already had five young children, with another on the way. He worked various jobs to make ends meet. She stayed home with the kids. He was overweight, a diabetic, and a smoker.

You can guess what happened: severe heart attack. Fortunately, the end came quickly.

The family had very little money. She had no job. And he had no life insurance. The community rallied behind the surviving family as best we could. Of course, no one could expect neighborly assistance to support the family forever. You can bet they are still struggling.

You can also imagine the difference a life insurance policy would have made for that family. Bills would get paid. Rent. Food. Clothes. Medicine. Books. No need to worry about any of it. The heartache of poverty could have been spared.

Maybe the young widow will get lucky and marry a rich guy who will take them all in. Maybe she’ll find the intestinal fortitude to make something of herself and take care of seven kids at the same time.

I truly hope it works out for this family. But I do know that had there been life insurance, the suffering of poverty could have been avoided.

Economist John Goodman talks about preventing proverty. In a recent Forbes article, he writes:

We now know a lot about how behavior affects poverty. In fact, if you do these four things, it’s almost impossible to remain poor: Finish high school Get a job, Get married, and Don’t have children until you get married.

I would humbly add to this list a #5: buy life insurance.

Please feel free to comment, or to contact me directly with a specific question.

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