Life Insurance

No one Likes To Talk About It

The wrong conversation is what kind,

The right conversation is WHY you need it…

This short post is why I want it/need it/have it.

 

I am 35 years old, married with a 16 month old baby boy.

 

 

We own a home (or I guess the bank owns our home and lets us live in it).

We save for  rainy days, vacations, our son’s college education and for us to reach financial independence by a reasonable date.

My Responsibility

I know that my family depends on me and I want to sleep soundly at night, knowing that if something were to happen, they would be alright.

I am not a worry wart nor am I overly scared or cautions.  But, I do like to cover as many bases as I can.

The biggest base to cover I see is to prepare and protect my family if something bad were to happen before my hair is gray or before enough time has passed to allow our savings to grow to a level high enough to support us.

And that’s the reality.

At this point of my life I have not saved enough to replace my income and take care of my family.

Have you?

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Solution

To me that WHAT IF is so big, I am chose to spend my hard earned money on a life insurance policy to protect my family.

Personally, I will not financially benefit from this purchase.

Personally, I will not get a return on my investment.

Some might think that, that is a hard pill to swallow, not me.

It is a small price to pay for the comfort in knowing my family will be ok, if something were to happen.

To protect my highest earning years for the lowest cost, I own a lot of term insurance.  It is the type of insurance that expires.  It is cheap and allows me to maximize my dollars.   My wife also has a policy.

When I began my career, it didn’t take long for me to realize that most people feel that Insurance is something  they  HATE to pay for but something they LOVE to have if something goes wrong.

It’s not as sexy as a stock portfolio, but it is the foundation of a sound financial plan.

For pennies on the dollar, I can transfer the risk of a premature death to an insurance company.

Sign me up!

As always, you can consult with me to discuss   your life insurance needs.

Look for future posts on the best ways to save for your children’s college   and check out my recent FAQ post on rolling over retirement money.  

Lastly click here to sign up for all great stuff The Art of Financial Planning has to offer!

Thanks for stopping by and I hope you achieve financial success!