IS YOUR SEAT BELT YOUR INSURANCE POLICY?
Feb 07, 2024
Admit it, you have not thought about life insurance.
The closest you have come to having a conversation with a “specialist” about any type of life insurance was when you got your mortgage, and your banker “attempted” to sell you the insurance that came with your mortgage.
And even at that point, you felt it was a waste of money.
My question to you is, what is your version of life insurance? Is your version of protecting your assets, simply, just not dying before you get old?
Do you count on leaving this earth when you are “no longer vested in staying”?
Is your version of protecting your assets, is having your survivors mourn the loss of you and to take care of your assets, or even worse, your liabilities?
As a banker, I have heard too many times, “Oh she can sell the house, if I die.”
And as you can imagine, the wife in this case, is just mortified. Not only will she have to mourn the loss of possibly the main income earner, should he die prematurely, but she also needs to sell the house that they shared.
She would have to pack up what memories she has left of her deceased husband. Not to mention, she would have to move their children that he left behind, to a strange place, because with no money, they cannot afford the house anymore.
All of this while mourning the loss of the father, the husband, who basically just thought they could just sell the house if he died.
What if you died yesterday? Are you confident that your spouse/loved one/children/parents would be able to ensure that your final expenses would not have to come out of their pocket? Would your assets be claimed by your creditors?
And even if you were debt-free, would your spouse be able to live the same kind of lifestyle if you left this earth yesterday? Would he have to decide to pay for childcare for your children because you were no longer here?
Would your children have the same education fund if you left yesterday? And even if you were single, and did not have kids, would your parents/friends, can pay for your funeral if you died yesterday?
And why would you assume they should?
Life insurance is protection for your survivors.
Life insurance is not an expense, it is one cost of living the life you desire today.
It can be a way to plan your retirement. It can be a way to reduce taxes when your loved ones must handle your estate.
Life insurance should be thought of that coffee (or whatever it is that you desire in the morning), that you absolutely need in the morning to function.
It is a necessity if you care about anyone else in the world. It is your legacy.
Just like driving with a seat belt, it is a way to protect.
Life insurance protects your loved ones.
If you died yesterday, would your loved ones be protected?
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