For anyone who is certain they will live forever, please disregard the following. For everyone else, we encourage you to take a look! Full disclosure, we realize life insurance is rarely anyone’s favorite topic. That’s understandable, to a certain extent. While not outwardly popular, we enjoy discussing life insurance. Mostly because it’s such an important discussion to have.
First, it’s important to premise how life insurance should be addressed. Most will immediately associate life insurance, with death. While related, life insurance is not about death. It’s about the quality of life. Particularly for those you care about. Choosing to discuss life insurance, or better yet, having a life insurance plan is a sincere testament to your dedication to those closest to you. Unfortunately, far too many American’s are missing the boat when it comes to life insurance. Something we hope to change.
At The Insurance Loft, we aren’t strangers to having a difficult conversation or explaining insurance logic. To be honest, we enjoy it. But life insurance is by far the hardest conversation to initiate. We’re not exactly sure what that is, but we have certainly heard every excuse to avoid the topic. I have no time, I’m healthy, I have insurance through work, let me ask my spouse, it’s expensive, life insurance is for old people. We’ve heard it all. And truthfully, it is best to have the life insurance discussion when all parties are ready. The tough part is when people should be ready, and when people are ready, are often two very different times.
We all hope to lead a long and happy life. A life free of stress, free of debt, free of disease, and most of all, free of tragedy. If that were the case, there would be no need for life insurance. It would be amazing. Unfortunately, life has different plans. This is why life insurance is best addressed at a time earlier in life when there doesn’t appear to be an immediate need. Waiting until you “need” life insurance, will be much too late. The later in life we get, the more difficult it becomes to get life insurance. It gets significantly more expensive, and the acceptance guidelines tighten. So, while we respect the reasons not to talk about life insurance, we know the impact of the delays.
There is no perfect time for everyone to get life insurance. Certainly, sooner rather than later, but everyone is different. We generally use life events to help clients understand when life insurance is becoming more of a need. While not set in stone, the following events can be considered helpful indicators to start looking for life insurance.
Buying a house. For most, this means a mortgage. With any substantial debt, comes a need for life insurance. This can also include student loans or business-related debts.
Getting married. You are now sharing your life. It is important to consider how to maintain your better half’s well-being and lifestyle should something happen to you.
Having a baby. You are now responsible for the life of another. It is your responsibility to ensure a safe and positive future for your child.
Your work offers life insurance. This may seem like a reason not get life insurance, but it isn’t. Fortunately, employers often offer coverage as they realize the importance. Unfortunately, many employees assume this is enough coverage and choose not to seek any personal life insurance. This is a mistake. Most company life insurance does not follow you if you quit, retire, or get fired. So, the longer you go without, the harder the life insurance road will get.
Of course, there are several more reasons to consider life insurance. These are just a few examples. It is important to understand that life insurance is not complicated, it does not have to be expensive, and is here for your benefit. The discussion is worth your time.
Ultimately, we encourage everyone to remember what you are getting when looking for insurance. You are not simply buying a policy. It is not a line item in the monthly budget. You are buying an experience. When you are putting your life insurance policy together, you are putting together the type of experience you want your loved ones to have when the end approaches. It can be a manageable experience or a devastating experience. But either way, it is up to you. Luckily, we are experts at constructing better experiences!
