By a show of hands, who’s been in this situation?
1) Needed a light bulb for your closet – but didn’t have one.
2) Needed a roll of toilet paper AFTER reaching the point of no return – but didn’t have one.
3) Needed an ironed shirt for the next day – but didn’t have one.
4) Needed one more egg for the cookies – but didn’t have one.
What do these have in common? Well, they’re usually situations you find yourself in after it’s too late. Thankfully, the solutions aren’t hard to come by and you likely won’t lose any sleep over them. A quick trip to the store (or the dry cleaners) will usually fix what ails you. Not a big deal. (Although number 2, no pun intended, sure seems like one at the time.)
But what about life insurance? Different story. Once it's realized you needed more, it just might be too late. “How could it be too late?” you ask. Well, you could be uninsurable - or dead. Understandably, life insurance isn’t the first priority of the young and the healthy. (Folks who’d typically pay less for life insurance, I might add.) And why should it be, right? You’re young, healthy, and full of life! Who has time to think about dying?
If you’re reading this blog, young or not so young, you have time to think about life insurance. And really, it’s not about you. It’s about those you’re leaving behind. Ask yourself this one question: If I should die tomorrow, what financial condition will I leave behind for my family? If you can satisfy your family’s needs, future goals and dreams with your current insurance policy (or policies) and/or savings account, then great. If you don’t know the answer to that question, then I might suggest sitting down with someone who can help you through it. In our financial planning process, life insurance is a vital consideration. And in some cases, it’s relatively inexpensive. For a 40 year-old non-smoker, you might be able to get an additional $500,000 term life policy for an annual cost that’s less than you’re paying for the eggs, toilet paper, and dry cleaning referenced above. Still not convinced? Then please consider this. The grief will be hard enough for your family to go through. If you could afford to eliminate at least the financial burden, why wouldn’t you?
5) Needed a life insurance policy that would protect my family – but didn’t have one.
Can’t really help you with the first four needs, but we can help with number 5. Give us a call. Together we’ll make a plan. And you just might sleep better.