In my experience people avoid the conversation about life insurance like the plague. I’ve heard some even say, I feel “if I talk about it, I will die”. They fear karma will happen. Well, I’ve never known this to be true, so I’m willing to take the risk. First, just in case I’m wrong, yes when you die it can pay for some or all your debt and funeral expense. But did you know it can also buy something none of us seem to have enough of, and that is time. Time for loved ones to grieve, time to figure out the next step, time to pull their lives together without the stress of “where will the money come from now”? Questions like, how can I pay for childcare while I’m at work or how can I pay the bills should I chose to stay at home with them? How will I be able to afford college education now? How can we afford to stay in our home? How will mom be cared for now that dad has passed? And so on. All these questions can be answered with……. thank goodness there was life insurance.
So, let’s say you survive the conversation. What can life insurance do while you are still alive and well? For one, let’s say you are a business owner who has that one irreplaceable person that helps make your business a success, what would you do if something should happen to this special person? Can you afford to keep the business open while a replacement is found? Well, there’s a policy for that. Maybe you want some extra income after you retire or a nice chunk of money to move to your dream retirement place. There’s a policy for that. What about giving your children a gift? This could be a paid-up policy, so they are safe from having this conversation, or maybe you’d like to give them a chunk of money to use towards their own dream home. There is a policy for that too. Now, what if you are alive but not well. For most of us, the thought of going into a nursing home or wondering who will care for us can be terrifying. Did you know some life insurance policies have riders or provisions that provide money should you become disabled or diagnosed with a chronic or terminal illness? Considering the rising cost of healthcare these days, the right policy can help. This also alleviates some of the burden on your family while protecting your hard-earned assets.
Finally, how about leaving a legacy? We all want to be remembered in some way and what better way than leaving an inheritance or a donation to your favorite charity or church. Who would forget you?
So, as you can see, this conversation doesn’t have to be morbid. A lot of good things can come out of the purchase of life insurance.