Benefits Of Mandatory Life Insurance Essay

Life insurance should be mandatory Death is inevitable, and like most tragedies that people experience, it comes with a large expense. Often that expense is unexpected and leaves couples, families, and businesses with financial challenges that may be difficult to overcome. However, there are mechanisms available to help defray the cost of financial losses that occur because of death. There are products that, along with alleviating monetary loss, recreate stability that was present prior to death. The effectiveness of the product Is suitable if it is available to all people. The product is life insurance, and the benefits go far beyond paying for burial expenses for those insured. The benefits include improving the economic, social, and stabilize the financial foundation for the effected families. Life insurance is not something that is widely utilized, and

On average, funeral costs exceed $5000, not including any debts that must be paid that are left by the deceased. Include the living expenses of the departed, housing for the family, household bills, children’s education, and it is concluded that the governments’ contribution is futile. Mandatory life insurance is the most simplistic way to ensure that families don’t incur this never-ending debt due to the loss of an income producer. Life insurance being implemented and provided on a state or federal level will eliminate the three main attitudes that defer or discourage people from acquiring life insurance. The easiest way to accomplish this is by incorporating the cost into processes that we already have in place, such as taxes or social security. All U.S Citizens pay taxes, and all pay social security costs. Consolidating the costs of life insurance into something that society are already accustomed to will eradicate any backlash and introduce the importance of the