On January 1st, arguably no one in America anticipated 2020 playing out the way that it has. Global pandemic?! Toilet paper shortages?! Months-long quarantines?! Legal to-go margaritas? (my wife hopes that last one gets grandfathered in when we get “back to normal”).
Another thing most Americans likely weren’t thinking about in January was whether they had their affairs together. And yet, I cannot think of a better thing to have been thinking of and more importantly, doing something about. Hindsight is 20/20 and well, 2020 has certainly offered some incredible 
hindsight.
Note: Estate is a fancy word for all of the money and property that you have at the time of your death. Millions or not, upon death, the state refers to all of our property and money as our “estate.”
So many Americans, especially younger ones, aren’t thinking about estate planning, much less a vital component of it – life insurance. And if you’re young and single with no dependents, the want or need for it is definitely lesser than that of a married couple, parents, or someone who has a dependent in their life.
Need vs. Want
Most people will tell you that life insurance is a necessity. Arguably, it is. However, unlike car insurance, health insurance, and the other insurances in your life, it is not a legal requirement. You have to willingly seek it and purchase it, completely of your own motivation. As such, I argue that life insurance is a want product. Yes, you need it. But we’ve been calling it a necessity for generations, and not only does only half of America own it per a 2019 LIMRA study, but many of those who do own it don’t have enough and/or are counting the days until their last premium payment.
So if I call it a necessity will you go get it? People do what they want, not necessarily what they need or should. Consider the following statements:
Person A: I need to work out. I need to eat healthy.
Person B: I want to work out. I want to eat healthy.
Which person is working out and eating healthy? Likely Person B is not only working out and eating healthy, but more likely to do so consistently.
Human nature, the driver of human behavior, consistently demonstrates that people move in the direction of things they want to do. People need to save money. Does everyone with the ability to save money do so? No. Do heads of households need life insurance? Sure. But they only purchase it if they want it. Sure, there are factors that can get in the way of that type of want – other financial obligations of more immediate need – but just like your friend with the newest iPhone and always-manicured nails, we almost always find ways to have what we really really want.
I leave you with this –
If you love the people in your life,
then you’re going to WANT to do what whatever you
can to take care of them, whether you’re here or not.