Do You Really Need Life Insurance?

 

June 27th, 2016

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Remember, We Aren’t Bulletproof

It’s quite the human condition; feeling that we are invincible at times. This obviously happens most in our late teens and 20s when we feel that we now understand the world and how it works and that nothing can stop us.

What’s interesting about maturing and getting older is that we tend to realize that there is an abundance of information and knowledge out there that we don’t know and that tends to cause us to live life just a little different.

Like getting married, or having that first child, or getting injured or sick, or even just getting bad news from a doctor. We’re inundated with the fact that we don’t know nearly as much as we had originally thought we did. One of those questions may rise when we hear from afar, the constant salesman’s call of life insurance.

Do I really need life insurance? Without the need to read further, probably. But here’s my story.

Diet and Healthy Living Can’t Prevent Everything

You can see from my Instagram posts that I’ve taken a recent liking to some different and often more healthy foods. Back in March of 2016 my wife and I decided to reapply for our life insurance for a longer term; 30 years.

We each had about 15 left on our 20 year term policy but life just hit us a few times, like having our first baby, so we felt that we needed a bit more time until we could save enough to be eventually ‘self insured.’

What came as a shock to us is that my new policy was denied due to extremely high liver enzymes. I could go into detail but the truth of the matter was, the insurance company felt that I was too risky to take on for the next 30 years.

Uh, What?…

I’ve seen other people who were in much worse health and much older during the year get approved, but I was denied? We could jump to conclusions but the point that is important to make is that you never know when life will hit you.

Read also: The Secrets to Applying for Life Insurance blog post.

It’s Part of Building a Solid Financial Foundation

This was a serious wake up call to my family of the importance of being protected and planning ahead of time for our future. I already wanted to make sure I ate well and exercised since I started to realize that the advice of the sages (old folks) actually started coming true.

We were already taking steps in this direction but it was overly disheartening to think that my son or children would grow up without a father and that my wife would care for them alone with one income.

That lead to the planning of a new diet, more focus on health and making sure that my family tree changes from here on out no matter if I live long enough to see it happen.

See, the problem with our finances is that we usually can’t see past this week, this month or this year. But there are inexpensive ways to make sure we plan for catastrophes, retirement and high value expenses.

This is the ‘one brick at a time’ approach that leads to a solid foundation. It’s also knowing that setting down the figurative ‘bricks’ in your 20’s or earlier will lead to a quicker and more solidified foundation to build upon by the time you’re starting a family or just experiencing the many nuances of life.

However, It’s never to late to start.

Read also: How to Start When you Fee Like It’s Too Late.

Don’t Risk Which May Be Inevitable

Let’s be real for a moment.

We have seen a number of families this year devastated by terrible car accidents or diagnoses. I pray that they had a plan in place to take care of their family financially so that these burdens could be just slightly lighter.

While I do agree that there are some people, churches or programs that can help hurt families but those programs aren’t meant to replace a family member. We shouldn’t expect them to bear our burdens due to our lack of planning.

I’m blessed to know that my family is covered for at least another 15 years should anything happen to their father or husband or my wife as well. It’s really as easy as sitting down with your family once a month, or someone you trust, and coming up with a long-term plan to becoming financially independent and plan for catastrophes.

Reign in your spending. Plan for the unexpected. And don’t trade your long-term goals for that night out during happy hour.

When you’re ready, check out my post on My Experience Applying for Online Life Insurance.

Question for you:
Have you had any close-call or dangerous experiences that made you think twice about life?

Being disciplined with your money is hard but trust me, it's worth it. ~The Beard

Being disciplined with your money is hard but trust me, it's worth it. ~The Beard




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