Have you ever visited a beach or pool with no lifeguard on duty? These beaches will often have warning signs posted to either make you aware or keep you out of the water entirely.
You know the ones:
“No lifeguard on duty. Swim at your own risk.”
“No swimming unless a lifeguard is on duty.”
In other words:
“Hey, bad things happen to good people. You’ve been warned.”
Okay, maybe that last one is a bit extreme, but you likely get my point. Life is full of danger and risk. Every day we make decisions — either consciously or subconsciously — based on our own risk tolerance.
Is it safe to turn left now? Should you lock your car while you run in to Starbucks? Do you really need to wear sunscreen today?
Many of these simple or mindless decisions are what Columbia Business School professor William Duggan refers to as ordinary intuition. In other words, your gut feeling. Driving this gut feeling are your past experiences, your upbringing, education and good old common sense.
Term Life Insurance is Our Lifeguard
When faced with a decision to swim without a lifeguard, we’re likely to trust our gut instinct. We’ll take in the surroundings like the weather and general look of the water. We’ll look for other people swimming and maybe sneak a peek for fins protruding from the water.
After assessing these things and more, we’ll make what we believe to be a rational decision.
But have we thought of everything? Are there rip currents in this area? Is the water especially cold, as in hypothermia-inducing cold? What happens if we get muscle cramps and can’t swim on our own?
No doubt we’ll wish there was a lifeguard on duty to help us.
A term life insurance policy protects us every day much like a lifeguard protects us at the beach or pool. As we go through our day making quick decisions and taking risks both small and large, the coverage is there for us in case something goes wrong.
Sure, we can live without a life insurance policy, just like we can swim without a lifeguard. And on most days, we’ll pull into our driveway safe and sound at the end of the day.
But it’s those “what if’s” we need to be aware of. What if we get distracted and make a hasty left-hand turn? Or what if we get lazy about using sunscreen, only to get a dreadful phone call from our dermatologist?
No doubt we’ll want to have a term life insurance policy to protect us.
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