Why I didn’t get life insurance

Another thing we do when we start earning an income is to get insurance. There are many different types of insurance, but here I am only stating the reasons why I finally decided against getting a life insurance.

1. My biggest recurring expense is covered by another insurance, which I sort of forgot about at first when I considered getting life insurance to protect my income. That expense is my HDB mortgage, which is covered by HPS (home protection scheme).

2. My other expenditure is <1k, which my hubby is able to achieve even if he were to work part-time. Financial planners use the 10 years x your income to calculate your adequate coverage, but personally I don’t feel I need to protect my full income, just my expenditure should be sufficient. And for now that expenditure can be covered without insurance. One important thing my financial planner raised was that when we fall ill, our partner would have to spend a lot of time taking care of us and would not be able to work full time. I hadn’t actually thought about this aspect at first, so I’m glad my financial planner raised it, but because our expenses are still low enough to be covered by a part time job so in the end I still decided against getting the life insurance.

3. I believe in the law of attraction. As much as I understand the importance of insurance, I still feel that I’m at a stage where I do not need it. In this circumstance, I do not want to have the mindset of “what if something were to happen to me”, because what we think attracts the same situations to befall upon us. It’s like when we say “what if we fail”, then half the battle is lost already since we have the idea of failing planted in our mindsets already.

So those are the three main reasons I decided against getting a life insurance. I may get it in future when we have kids though, because expenses go up when kids come along. I am NOT a financial advisor, so these are just my personal views, and I would like to hear your comments on this as well so that I can broaden my perspectives.

TTFN!