When I was 22, I moved to New York City. I’d just graduated from college and my parents agreed to support my first few months as I dove headfirst into the theater scene. By Thanksgiving, I was starting to get a footing and had some exciting gigs lined up for the end of the year. Then I got a phone call I’ll never forget.
“Daddy’s gone,” my mom said. I could hear the pain, love, shock and uncertainty in her voice. I couldn’t believe it. How could my father, at 49, be gone? All of the sudden, I felt the profound permanence of death. I couldn’t call him anymore. I couldn’t ask for his advice. I couldn’t give him a hug when I flew home for Christmas. My family had a massive, dad-shaped hole.
No one can put a value on a mother. Yet, if only my family’s financial plans had included the key ingredient of life insurance for my mother, my family’s financial position and my current academic path would now be more secure. Benefits from such coverage would have provided for the payment of her funeral service, the cost of my supervision and care over the years, my college tuition and kept us in our house.
If you saved a $100 a month, the difference in what you would have at age 65 (assuming a hypothetical 5% rate of return, which will vary over time, particularly for long-term investments) if you started at age 20 would be more than double the amount if you started 15 years later.
Let’s be realistic. If you have an adequate investment and pension portfolio, if you have made provisions for your health care costs, if you have no one relying on you for financial support, maybe, just maybe you can afford to retire. If not, life insurance is something you may want to consider.
As a parting gift for 2014, here are a few of our top posts that spurred the most comments, shares and likes. Enjoy!