Why I should have life insurance?

I would highly recommend life insurance for anyone and everyone if you can qualify for it and
can afford it.  My background includes selling life insurance for three years.  During that time I wrote many policies and eventually concentrated on selling term life insurance.  Why term?
     I wrote a program with my computer after reading about buying term and investing the difference.
The program was based over 75 years and used term prices at the time and investing the difference at the time.  I considered the amount of initial insurance and the amount of money I would invest.  My biggest problem was not in having the insurance, it was in not investing the difference.   That is, I almost never had more money to invest.
     This told me the following:
 1.)  I still had life insurance for my family.  I could afford what I purchased.
 2.)  I could invest when I had more money.  I bought a bit more insurance, however seldom had more to
           invest.
3.)  I was at least covered if something should happen to me and I could not buy life insurance.
     Number 3 did happen to me.  Before I explain that, let me tell you about a few true examples.

A.)  My first life policy I delivered was to a family that lost their young son accidentally in a gun accident. This family purchased a policy as a rider for their children.  The young man was playing with some friends and the gun went off.  I heard about the accident on the radio.  The name sounded familiar and I looked through the small book of business I had been given.  The family was my client.  I called them to be sure and made an appointment to visit them.  It was sad.
      I do not want to explain all the details; however, we filled out the paperwork and contacted our home office.  They wanted the insurance funds to take a small trip and get away from the house after the funeral.  It was sad, however, the funds helped the family.

B.)  The next policy was one I wrote and our company could not accept.  I visited a young couple with a baby.  They wanted a policy on “Mom”.  I asked our questions for a $100,000 poli cy and they answered all of the questions.  It looked like a good policy.  I turned in the policy to underwriters to review.  It came back denied.  I called the underwriters and asked why. 
     It appeared the underwriting team found evidence that “Mom” had a life-threatening illness and that she had a limited amount of time left.  They suggested I talk with the family.  I made the appointment
for a second visit.  It turned out that the family knew about the disease and had hoped they could get a policy.  They had purchased another policy and had not made payments on the policy, and it ran out.  Then they found out about the disease.  Again, a sad situation for a young family with a baby. I had to explain that we could not write the policy.

C.)  A third policy was for a couple that were in their early 50s.  They came to my office and I explained options.  They wanted to think about it.  A few months later they called and came back.  They wanted a policy.  All looked great. 
     I sent the policy to underwriting.  It was denied.  I called and questioned underwriting.  It appeared, the family had been in a car accident, and the husband had a severe injury I was not told about.  This happened after our first meeting.    The accident was such that our company could not offer them a policy.  Again, this was sad.  They had gone for a simple drive and the accident happened.

D.)  The forth policy I did not write.  It was for my daughter.  She purchased a policy for $250,000.   She never told anyone.  It was made for each of her three sons, her sister and her mom. 
     Our daughter was eating ice cream with her mom at 1 am.  She went to bed.  The next morning her mom and I went to a school function, ate breakfast and came home around 11 am.   Our daughter was not up.  At about 2 pm, my wife checked on her.  She was on the floor.  She was gone.  We were told there was nothing we could have done.  It was heart breaking. 
     None of us knew about the life policy.  She had never mentioned it.  It was found in her papers when cleaning up her bedroom.  It was a blessing to all.  It helped her sons and it helped her sister bring grandkids to Disney.  It helped her mom help all of them.  Her funeral was attended by several friends that talked about how she had brought them to the Lord.  She never knew how much she helped so many.
     Our daughter had a term policy.  She had a very limited income.  She was able to pay for
the term insurance and keep it in place for her family.  She was wise enough to have the policy.
None of us knew she had the policy.   It was a gift she left.  As a gift, we now pay for policies for one grandson and our other daughter.  Should somuething, God forbid, happen to them the funds go to their families.  This also protects them from not qualifying for insurance because of an accident or disease.
          
E,)  The fifth discussion is about my life policies.  My family had me on insurance when I was a baby.  They spent a few dollars a month for a rider.  When I went to college I purchased my own term life policy.  I had $25,000.  After a few years I let it go and then purchased a whole life policy.  Then, I could not afford that policy and it lapsed.
      I still felt the life insurance was important and I purchased a term policy for $100,000. I could afford this with my first full time job.  It was around $20 per month.   I kept this policy until I got married.  I then got a new policy that was $250,000.  It was for more years, and I was older and it was around $38 per month.  I purchased two other $20,000 policies.  Moving ahead, I was in my late 50s. Covid happened.
      I took a one-time covid shot that resulted in blood clots.  I cannot prove the clots were from the medicine though they took it off the market and I heard it caused clots.  I ended up in the hospital and needed a stint.  I still had my life insurance though the time was running out on my $250,000 policy.  I also got Prostate Cancer a year later.  I was afraid I could not replace my policy.
     I started looking and a few years later, State Farm, the company I had car insurance with for over 30 years and rental insurance for several years, accepted me.  I replaced my term policy with another term policy that would cover me until age 81.  My hope is and was that by 81my bills could  be paid and I could leave my family some funds to help.  That brings me to today.
     Today I was told by a large insurance company that I could not buy term insurance.  That for $70
per month, I could possibly purchase $10,000 of whole life insurance.  My insurance has been in place around 8 years, I have $250,000 for $300 per month.  I was fortunate to get the insurance when I did and I will have it until I am 81 years ld. 
     Today I also went to the Dr. to discuss another prostate cancer possibility.  My reading is 11.5.  It has me a bit concerned, however, I know my life insurance is in place.  I am fortunate I have enough funds to pay my insurance at this time.  My family is covered.  My policy also has a few other benefits:
1.)  If I have a life threatening illness that I am in the late stages of, I may be able to borrow from my policy 
2.)  Should I need to, I can reduce my coverage and pay less.  This is a very helpful policy.  It takes away concerns I had. 
3.)  It is still a lot of funds.  No insurance at the end.  However, should I live that long, I hope to have assets to pass on and most bills paid.  My goal was to have an estate, and this is giving me the time to have that and provide funds for my family along the way should something happen unexpectantly.
4.)  My retirement income currently means I can cover the price of the insurance for the next 12 years
regardless of my health.  Guess what my wife pays first each month?  I am, we are blessed.