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It’s been too long since I talked about life insurance.
I have a love hate thing with life insurance. It feels like a waste of money I could spend on something else. But it’s about my wife’s peace of mind and her future if I die. And those things are worth a great deal to me.
If you have kids at home, having life insurance is critical. And for many families, both husband and wife should have it. Losing a parent is horrible. Losing a parent, and then losing your home and having to move into an apartment in a different school district, is adding insult to injury. It’s your responsibility to make sure this never happens to your children.
As the kids leave home, things change. But ask yourself how your wife’s life would change if you died. Would it be an inconvenience or a major financial problem?
We’re not talking about a lot of money here. If you’re forty and in decent health, you can get half a million for twenty years for $35 a month. At fifty for ten years, it’s $40. My wife is worth that, and I hope you think your wife is too.
Resources:
Forbes | Average Cost Of Life Insurance In August 2023 – Shows why you should start young, and includes a cost calculator.
Dave Ramsey | Get the Right Coverage – Information on all kinds of insurance.
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