Starting out can often be hard: entering the workforce, getting married, buying a home, having a child. These are all first steps that can be as nerve-wracking as they are exciting.
But it’s important not to forget a critical step during this time—putting a strong financial foundation in place with proper life insurance planning. Neglecting that step can have devastating consequences.
Boomer Esiason, record-setting MVP quarterback and spokesperson for Life Insurance Awareness Month, knows this too well. He was just 7 when his mother died with no life insurance. His father struggled not only with his grief, but with keeping finances, work, home and kids in balance. “I was handed a life lesson early,” says Boomer. “It wasn’t the easiest life—my dad sacrificed a lot.
You can watch his story here:
It’s a lesson that Boomer is now passing on to his children. His daughter, Sydney, just graduated from college and is transitioning to the work world. “It’s important that she grasp the whole picture, including the financial responsibilities that are hers now,” Boomer says. “She needs to understand that life isn’t just about tomorrow, but about the years to come when she’s a mother herself. And life insurance is an important part of that.”
Plus, youth and good health are on Sydney’s side. Life insurance at this stage is very affordable—much more affordable than most people think. Those 25 and younger overestimate the cost of life insurance by 10 times, according to the 2014 Insurance Barometer Study by Life Happens and LIMRA. In fact, a 22-year-old in good health can get a $250,000, 20-year level-term life insurance policy for about $12 a month.
I’m glad Sydney has embraced these new responsibilities,” says Boomer, “and I’d encourage those just starting down the path of a career, marriage and family to take the time to look into getting life insurance coverage, so they have that important financial foundation in place.”