Several years ago, I started looking into life insurance. I wanted to know my wife and children would not struggle financially if something happened to me. I purchased an appropriate policy on my life to accomplish this goal. But when purchasing a policy on my wife for my financial protection, my frugal side kicked in, and I focused more on monthly premiums. I purchased a much smaller policy.
Two years later, my wife was diagnosed with cancer. I still remember feeling the earth shake when I heard the news. How could this happen to her? How would our lives change from now on?
At that time, life insurance didn’t cross my mind. But when discussing life insurance now, I think about these two events in my life. If my wife’s diagnosis was terminal, how would I have provided for my young children given the loss of her income and increased childcare costs? The truth is, we are underinsured, and she no longer qualifies for additional coverage.
I recently had a good friend reach out to me. He is currently facing the same nightmare I did. He was wondering if it was too late to buy life insurance. He was thinking about worst-case scenarios and his family’s financial future. He and I failed to plan for unthinkable possibilities beforehand, and we unintentionally put our families at risk. There is nothing either of us can do at this point to correct our mistake.
Thankfully, both women in these stories are going to be ok. They are strong and have bright futures ahead. But I have worked with individuals who have needed life insurance and didn’t have it. In many of these situations, life for their loved ones became financially stressful. A financial burden on top of dealing with a loss can be overwhelming.
Are you and your loved ones sufficiently protected from an unexpected loss of a provider or caregiver? How much life insurance do you need? Does your spouse need insurance? What type of insurance should you own? These are important questions that are better asked years too early than seconds too late.
There is much to consider when creating an insurance plan. We are not only insurance agents but also fiduciaries. Please call us to review your specific situation. We can help you determine if you need insurance, help you purchase the right policy, review policies you may already own, or determine if older policies are still worth their premiums.
For a more in-depth conversation about life insurance, click here to listen to a deep dive on our Power Up Wealth podcast.
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