When we are in our 20’s or even 30’s the last thing on our mind is having the right life insurance policy in place. Once your life starts progressing from single life to the stage where you have a spouse and eventually kids, this becomes more and more of a necessity. Making sure they are protected financially in case something happens is extremely important.
While this shouldn’t be the case, a lot of us make our large purchases based on our total household income. We purchase our homes based on how much our family as a whole can afford. Because of this we are left with a severe affordability gap if one person dies. A family might be able to afford a $2,000 mortgage with a double income, but there is a good chance that is not the case for a single income.
This is where life insurance would come into play. It helps to bridge the void that is left behind when income is lost after death. Life insurance helps people to continue to live their lives the way they had before the unthinkable happened. Let’s face it, times are hard enough when we lose the person we love, why add another stress into the picture.
Prudential sent me a couple of videos that I wanted to share with you. I’m not going to lie, the stories are really sad, but they put the need for life insurance into perspective. To see both videos just refresh the page.
I purchased extra life insurance for the first time after my wife was pregnant without 1st. Before then, I had life insurance but it was the basic plan given to me at work. Once I knew kids were on the way, I quickly picked up a more robust plan. With as cheap as it is… it’s a no brainer.
Those stories are so sad. Brought tears to my eyes. I can’t imagine life without my husband, or how he would be able to do it all without me, but I’m glad that we’re prepared financially at least.
Great points. I worked in the life insurance industry for about five years, and I definitely saw my share of sad stories like this. I really view life insurance as a way of providing for my family in the event I were to pass.
Life insurance is so important for folks to get – life is so short and unpredictable at times. And, it’s really a selfless gesture towards your family.
It would be hard enough to deal with the loss of a loved one without having to deal with the financial loss as well. If people depend on you, you need to insure for that.