I know, it’s a pretty morbid thought. But for just a few minutes, think about it. What kind of debt do you currently have? (Mortgage, Student Loans, Car Notes, Credit Cards, etc.) What if you weren’t there tomorrow to help care for your family?
When Hubs and I were married, it was a topic of conversation that we took seriously. When you’re a single entity with no dependents and little debt, there might not be a need for life insurance. But as you find a spouse, start a home, welcome little ones into the world, you need to start thinking about tomorrow, and what that might bring. When Red came into the picture, we met with our advisors to really beef up our policy. We needed to be able to care for me, Red, mortgage and debts in case Hubs found himself in a Mission Impossible type scenario. Not something I want to think about, unless he walks away from the explosion with a smirk, saving the day! Although Hubs may be the primary breadwinner in the house, the income I provide as well as the childcare and homecare needed to be taken into consideration. If a china-shop-wrecking bull took me out tomorrow, I have the peace of mind that Hubs and Red (and Doo and Kitty) are taken care of.
A helpful article I recently read made light of the different kinds of life insurance that we might need as we enter different stages in our life. Whole, Term, Variable – it can be a big decision, but not one we need to be afraid of.
How about you: Are you insured? Do you have enough insurance? Try out this Life Insurance calculator resource to see if you’re over insured, under-insured or perhaps how much life insurance you might need to seek to help you and your family:
After using the resource, I actually feel pretty good about our life insurance. It lets me breathe a little easier knowing that whatever the cosmos should throw at us, we’re that much more prepared. I know Kitty is happy since, at some point she will rule the world after we’re gone, when she figures out how to use the computer.
This is a supported post with information provided by Genworth Financial. All thoughts and opinions are my own.