Imagine someone is really hungry and is offered some bread, but they refuse on the grounds that it is only 1/2 a loaf. Now imagine that same scenario but this time it is the person's young children that are hungry. Crazy, right? That is a clear example of "some is better than none!" Some exercise is better than none. Eating more healthy sometimes is better than not at all. How many times has someone given up on a New Year's resolution simply because she missed the mark once or twice? There is a very important principle here - some is better than none!
This same principle can be found in life insurance coverage. First, it is important to be reminded that coverage is for those left behind. Often, someone will put off getting a policy because they don't feel they can sacrifice the monthly premium on the amount of insurance they want. So, instead of getting some, they get none! It is like refusing to buy some bread because you can't afford the whole loaf!
For example, let's say a 30 year old husband and dad wants $500,000 30 year term coverage to protect his family in the event of his death. Depending on his health, he could get a policy like that for around $35 a month. It really is great to know that a family can have so much peace of mind for such a small monthly premium. But, let's say that, for whatever reason, he feels he can't afford that much a month. Many times, that husband and father will decide against getting a policy at all when he could lower the death benefit or lower the length of term and get something rather than nothing! Lowering the coverage amount to $250,000 for the same 30 year term comes in at around 20 bucks a month, or keeping the $500,000 coverage but lowering the length of term to 20 years instead of 30 comes in at around 20 bucks a month. Some is better than none!
I firmly believe that life insurance coverage to protect the family income is an essential part of personal finance. IT SHOULD BE A PRIORITY! Even if you are in debt, keep this in mind - if it is hard to manage the budget now, think how hard it would be for your loved ones to manage it without your income. Don't let the monthly premium costs of life insurance prevent you from getting any coverage at all. Some is better than none! At a minimum, look into getting enough coverage to pay for the funeral and final expenses, and any outstanding debt. The idea is to do what you can to help your family get by if you are not around to support them.
They will be glad you did.