It was a struggle, but we learned to pay bills, wash clothes, clean house, keep up our schoolwork and provide meals. In spite of this setback, we all managed to thrive: My older brother graduated high school one month before her passing and works full-time at his manufacturing job. My older sister graduated high school with honors and is currently a sophomore at Lenoir Rhyne University majoring in psychology while doing work-study.
The irony is that many people pass on coverage due to perceived cost, when in fact it’s far less expensive that most people think.
If you have children, a term life insurance policy that is large enough to pay off your home and debts with some money left over to support your family while your spouse or partner grieves and recalibrates the new financial situation is the option that gives everyone peace of mind. Many times, it’s easy to overlook the other people who depend on you. The care of elderly parents or grandparents, siblings, or people in your family with special needs should also be considered carefully when deciding how much basic life insurance to buy.
It was some time before campers found him, unconscious and with a dislocated shoulder, but otherwise uninjured. I was overwhelmed suddenly—even though my husband was going to be fine—with the prospect of managing the future costs of raising a child without him. But there was a catch to this epiphany: I was the breadwinner of the family. If I was worried about losing him, what if he lost me? I talked to a financial advisor the very next week and secured policies for both myself and him.
I often think about what would have happened if my parents had planned for their—and our—future by purchasing life insurance. Would I still be living with my siblings? Would we be in a financially stable situation so that we could stay together and support each other in our life and college aspirations? I know my life would have been better with life insurance, but I can’t change the past, I can only change my future.