Thursday, March 31, 2011

Insurance

We are beginning the process of shopping for life insurance. It is a very daunting process. Prior to planning a family, I did not feel life insurance was an apropriate product for us since we were able to maintain our lifestyles on one income.

Things are changing. There are fr too many stories of families being devestated financially on top of emotionally when a breadwinner dies and there are no plans in place to ensure financial stability. Not to mention, if God forbid my husband or I were to die, I am confident we would need time off from work to grieve without the pressure of paying the bills.

When I was with my ex, his sister was killed unexpectedly, leaving behind a husband, a son and a brand new mortgage payment. Literally the night she passed, we had to go to an ATM to get some money for the husband because they had been having a tight month having just moved in to a brand new house. Neither Mr. Case or myself want this to happen.

The good news, I trust my financial planner completely. When I worked in the stock market, I worked directly under him for half a decade. His moral compass is admirable and I know he eats, sleeps and breathes his business, always taking care of his client. Navigating the options is stressful at best but I know I can rely on his council.

As a blogger, I am aware of quite a few blogs where young people have unexpectedly lost their spouse. it is a painful reality check. I encourage everyone to take the time to investigate insurance for their spouse and themself. The fact is, it is much easier to get a large policy, and keep it going during your lifetime, whie you are young and healthy. Trying to get a policy after an illness or when you're older, if very difficult. I worked with these products for 10 years so I know of what I speak. People close to me have paid on policies for many years, only to allow them to lapse during tight financial times and learn they are unable to get a new or comparable policy despite their years of paying on their old policy.

Can we afford life insurance right now? Probably not. But the bottom line is, we can't not afford it, either.

2 comments:

Bobbi Janay said...

We have had a policy since shortly after Ian was born. For all three of us.

The Trotter Family said...

We don't have anything in place quite yet. Luckily, Chad's work has a life insurance policy that gives him three times his annual salary, which isn't fantastic, but not bad either since it is free.