Just the other day I was talking to a friend of mine whose sister has three young children. My friend was distraught because her sister and the children had to move to a different state. She could not find work in the past few years and couldn’t afford to pay her mortgage anymore. Her husband had passed away a few years back. My immediate thought was, “How about the life insurance he had for his children? Couldn’t she use that to keep a roof over their heads and keep them in the same school?” The sad reality is, he didn’t have any life insurance when he passed away. He was only 36, fit and healthy and thought of himself as invincible.
Unfortunately, life happens. For some of us, the unexpected comes sooner than we hope. I couldn’t help but feel a little guilty for this family’s financial misfortune. I help people protect their families, I sell insurance for a living. I met this family when the father was still alive. Because they were friends, I did not want to make them uncomfortable asking about their financial plans. I thought – They know what my business is, so I’m sure they’ll contact me when they’re ready. Or, they may have a financial planner or insurance agent already. Unfortunately they did not.
Although each of us has a responsibility toward our families to take action and protect them from the unknown, I also feel responsible to remind everyone about the steps they should take for a safer future. Most people think they have time or there’s not enough money right now for insurance, or “It won’t happen to me!” The reality is, the older you get, the more extensive medical history you have, and the harder it gets to find a good and inexpensive life insurance policy, or any insurance for that matter. For many families, it would only cost as much as a cup of coffee a week to protect your children until they become adults or finish college!
Depending on your needs and budget, there is an insurance plan that would be perfect for you. If money is tight and you want the largest amount of coverage for the least amount of money, Term Life insurance polices can cost as little as $10 per month for $250,000 in coverage. Policies with Return of Premium cost a little more, but you get all of your money back at the end of the insurance term. If you are looking for a safe place to invest and want to build cash value, there are also great Whole Life policies that accumulate cash value you can use for anything from supplementing your retirement funds, to paying your child’s college tuition, or even taking a personal loan.
If you have dependents who will be affected if something happened to you, there is no excuse for not having insurance. Real dads and moms get life insurance! Single parents should especially consider taking measures to safeguard their children if the worst was to happen. I hope I never have to lose a friend and watch a family suffer financially again when it’s so easy to protect them.
Do YOU have insurance? It’s time to do something about it!
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