In the recent article “The Case for Requiring Life Insurance,” Brian Fechtel lays out some points that have to get you thinking. And while the concept of legally mandating life insurance ownership may be far-fetched, I ask readers to think about these questions:

1)     What if new parents were required to show proof of life insurance prior to taking their newborns home from the hospital (just like they have to have a car seat). Should parents have to show proof of “financial responsibility”?

2)     What if plaintiffs in wrongful death suits were only allowed to collect from a guilty party an amount equal to the life insurance the deceased had on his/her life? Said another way: A third party shouldn’t have to pay your heirs anymore than you think your life is worth.

3)     Do you carry excessive amounts of liability insurance in case you get sued?  If you are protecting yourself via liability insurance, are you protecting your family with a similar amount of life insurance?

4)     Why did the families of the victims of 9/11 have their “payout” reduced by the amount of life insurance they had? Fact: Those that had taken steps to protect their families actually received LESS than those who did nothing.

Fechtel writes “while there is no expectancy that these ideas would be implemented any time soon, wouldn’t having public discussions about such ideas be useful?” I don’t like the idea of government mandating anything, so I’m not in favor of this idea, however, recent LIMRA statistics show that ownership of individual life insurance has fallen to a 50-year low, and that four in 10 households with children would have immediate trouble paying bills if the primary breadwinner were to die. This leaves a lot of people in very financially vulnerable situations.

While it is currently not mandatory for you to buy life insurance, it is mandatory for you to take responsibility for yourself and your loved ones. Begin by determining how much life insurance you may need with this calculator. And make sure you follow through and buy that protection. Contact your insurance agent, or if you don’t have one, you can click here to find one in your area.