The following post is from Melissa Batai
–“Jessica gained her angel wings last night. She leaves behind her loving husband, Jonathon, and their eight children. Jessica did not have life insurance. Please donate to help provide for her funeral expenses as well as the family as they struggle to live without their beloved wife and mother.”
Now that 2015 is rapidly coming to a close, you may find yourself thinking about what you want to accomplish in 2016. You may vow to finally lose those extra 20 pounds, to give up smoking, to pay off debt.
One thing you likely won’t think about is life insurance.
Death Is Inevitable
Let’s be honest. No one wants to think about life insurance because thinking about it means also thinking about your own mortality—your own death.
We like to think that death is something that we’ll confront in our 80s or 90s. But we don’t have that guarantee.
My own father died just two months after he turned 38. A friend I went to school with died in a car accident when he was just 33. He left behind two elementary-aged daughters and a four-month old baby boy.
Find the Money
If you’re in your 20s, 30s, or 40s, and you have a family, you’re likely overwhelmed with expenses. You may find your money disappearing as soon as you get it as you pay for things like extracurricular activities, food (especially if you have ravenous teens), entertainment, clothes, college funds, and on and on.
You may feel like there is no extra money, let alone to pay for life insurance that you probably won’t need.
But what if you DO need it? What if the unexpected happens and you die suddenly as Jessica did or your spouse dies suddenly and you find yourself, like Jonathon, newly alone, with children to support? Being a new widow or widower is painful enough. Struggling with finances just compounds the pain.
Make This the Year You Get Life Insurance
If you get life insurance, it isn’t for you. It’s for your survivors. A beautiful gift you can give them is time to grieve without worrying about how to pay the bills.
If you haven’t done so yet and you have a family, make 2016 the year that you get a life insurance policy.
How to Afford Life Insurance
The first option is to get life insurance through your employer. You’re probably already given a small amount, say $50,000, as one of your benefits. Then, you may pay a small amount each month for each additional $10,000 you add. This is a good way to initially get life insurance.
However, don’t rely solely on your employer’s life insurance policy. If you do, you may be left with no life insurance if you quit or get fired.
Instead, find a life insurance broker. The broker will search to find the best policy for you. You will likely have someone come to your house to check your general health—height, weight, blood pressure, cholesterol, sugar levels, etc. Then pick the policy that has the best rating and offers the best premium price.
If you wonder how you’re going to pay for it, take a second to wonder how you and your children will survive with no life insurance if your spouse dies or vice versa. Even though this scenario doesn’t happen frequently, it does happen.
You can’t take the chance of being without life insurance simply because you think there’s no money to pay for it. If you go out to eat, just cutting one or two meals out as a family per month will likely cover the cost of your insurance premium. Reduce your cable package from premium to basic.
Do what it takes to make sure your family is protected. It’s the best thing you can do in 2016.
Do you have life insurance? If you don’t, what’s stopping you from purchasing it?