Insuring the Times of Your Life

Preston Newby was a youth minister. He and his wife, Tara, were driving with their son to visit family—excited to newbyannounce a new baby on the way. In the keeping with the kind of person Preston was, he stopped to help at the scene of an accident. That’s when he was struck by another car and killed. He was only 24.

Fortunately, this young couple had done their planning and had bought life insurance. So despite the emotional upheaval that Preston’s death caused, Tara, a stay-at-home mom, and her two sons were able to carry on financially as they had before. You can watch their story here.

How many other people have prepared like this for the unexpected? Unfortunately, not enough: more than 95 million adult Americans have no life insurance.

Many people think, “I’m young. That won’t happen to me.” Statistically they may be right. However, they could be up being one of the statistics. You just don’t know—and that’s the problem. The solution is life insurance.

If you have people you love and who depend on you, or you have financial obligations to meet, you need life insurance to protect against the “what ifs”—at every stage in life.

Single: You may think you don’t need life insurance, since you have no dependents, but if you owe money, you need it. It ensures that your debts, including student loans, won’t be passed on to your family. Plus, life insurance will never be cheaper than when you’re young and healthy.

Married: As you begin your lives together, you’ll likely incur joint financial obligations like buying a home, in addition to monthly bills. It makes sense to protect your spouse with adequate life insurance. It’s also a smart move to get coverage in place now if you plan on having a family.

Parents with children: If you’re in the midst of this stage, financial obligations abound. Many couples rely on two incomes to make ends meet and single parents may be their children’s one-and-only. Life insurance is critical at this point. When figuring out how much you need, remember that the economic impact you have on your family can be measured not just by how much you earn now, but by how much you’ll earn over the course of your working life. Life Happens’ Human Life Value Calculator can help you figure out what that will be.

Empty-nesters/retirees: Your kids are on their own and your mortgage is paid off, so you may think you don’t need life insurance. However, many people lost a portion of their retirement nest egg during the recent recession and may not have had time to rebuild it. Life insurance ensures that if something happens to you that your spouse or partner can still live comfortably in retirement, despite any shortfalls.

Keep in mind, life insurance is a simple answer to an important question: Would anyone suffer financially if I were to die. If the answer is yes, it’s time to sit down with an insurance agent.


Marvin H. Feldman, CLU, ChFC, RFC, President and CEO of Life Happens

by Marvin H. Feldman

Marvin H. Feldman, CLU, ChFC, RFC, is president of the Feldman Financial Group in Palm Harbor, Fla., and president and CEO of Life Happens. He is a 41-year Million Dollar Round Table member and was the 2002 president. He is a 33-year member of the MDRT Top of the Table and a past Top of the Table chairman. He also is the recipient of the 2011 John Newton Russell award, the highest honor bestowed on an individual by the insurance industry.

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