Sharing 365 life lessons, tips, or hacks; the things that make life easier, happier, and more productive. I hope you’ll follow along and find them helpful too.
When I first got married at the age of 22, a couple dudes in ties knocked on our front door and spent two hours or more trying to convince us that we needed life insurance. We were young and invincible, expecting our first child and really naive about the realities of the world. We were also broke so they left that day without a sale and we didn’t really think twice.
Fast forward two years as I found myself a 24 year old widow with an 18 mo. old baby and no life insurance except for the little bit of money that was automatically a benefit for a Navy Reservist. It was a hard lesson and yet it was a great testimony for the years that I ironically, sat at kitchen tables explaining why people needed to think about life insurance and financial planning.
When to Buy?
You’re never too young for life insurance – in fact, that’s the very best time to buy it because the odds that you’ll die are low – so insurance is cheap. You don’t need much if you don’t have many responsibilities – just enough to cover your debt and burial expense (which, can easily run into the 5 digit range). However, the more responsibility you have, the more insurance you need.
Insurance is explicitly for the purpose of covering your behind when life throws curveballs. Whether it’s health insurance, disability insurance, long term care insurance, rental insurance, theft insurance, or life insurance… we never know when we’ll need coverage.
Technically, you only need to cover those things that you are willing to risk. Certainly, I never considered it a ‘real’ risk that my 23 year old husband would die; nor did he. But it happened. Accidents happen. We’ve all heard horror stories of people who were involved in an accident and many of us think it “can’t happen to me”. How much are you willing to risk?
Consider the risk you’re willing to take and then speak to a trusted advisor about insurance. Everybody needs at least some. Think about your car, your home, your belongings, your income, your health, and your life. You’re likely to sleep better and enjoy a higher quality of life knowing that you’re protected after you…
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