I spend $41 a month on life insurance, and there are 5 reasons I'm happy to shell out - Business Insider

Life insurance, similar to putting windshield wiper fluid in your car or an umbrella in your bag, is one of those things you never really think about needing until you need it.

If I was lucky enough to be offered a benefits package, which was a given with most office jobs in the early- to mid-2000s — not so much in this current climate of contract work — I would scan through the life insurance paperwork and, when it came to the part where you list a beneficiary, list the name of whatever person I was dating at the time.

All the money I got from my dad's life insurance went right back into the house we live in. If I died without life insurance, be it tomorrow or 50 years from now, it would be very hard for my wife to arrange for my funeral, while also keeping up to date with bills and our pretty hefty mortgage payment, all while being sad.

My premium does rise every five years because it's a "renewable" policy, but that means I get to keep the policy until I'm well into my 80s; with many term life insurance policies, the maximum term is 30 years, so you're very likely to outlive your policy and your beneficiary will never see the payout.When I think of the wide variety of things I choose to spend money on in any given month, it puts a lot into perspective for me.

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