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Have You Prepared?

You might die tomorrow. Probably not but possibly yes. If you do die, what financial burden will you pass along to someone. Will your spouse need to find a second job? Will college for your children still be possible? Will those you leave behind be able to keep the home? And have you reviewed your life insurance lately? If you have life insurance, is the amount too little - or too much? Is it permanent life insurance? Whole life insurance? Term life insurance?

When doing financial advisory planning with a young couple, it is easy to justify the need for one million dollars of insurance. Very simply, after the $300,000 mortgage is paid off and provisions are made for the education of the children,  the spouse might be left with, say, $250,000 for their personal needs.

The benefits of life insurance can be life-changing. Imagine a 45-year-old widow with an 11-year-old son and a 9-year-old daughter. The 49-year-old husband has died suddenly with no life insurance. The widow has no job and they owned no home. The balance of her life was a financial struggle. With proper planning, it didn't have to be that way. Still, she held the family together - and I finished college. But how different it would have been if my father had had life insurance.