It seems like the older I get, the more death and I become acquainted. When I was younger, it was this thing that my parents protected and guarded me from; I didn’t have to go to the funerals, black was never my color of choice. I remember the first funeral I ever attended for a great aunt in Stigler, Oklahoma. I remember then that it was something I never wanted to do again, but I guess that’s never really an option. You learn some things along the way though. When my grandmother passed away, I learned that it took twelve aunts and uncles and all thirty two of us grandchildren to sort everything out because there are so many details to work out, and it’s not necessarily just about the funeral. That experience changed my entire family’s perspective on planning.
I’m in my mid 20’s and yes, I have a life insurance policy. Is something going to happen to me? Probably not, but if it does, I’ve set it up where I’m not going to leave my family to pick up the hefty bill. The most common excuse I hear is the forever, “I’m young, nothing’s going to happen.” We all have this superman mentality. I received a call this morning that one of our clients with three small kids passed away after being given a two week notice that she had cancer. We are not immortal. We are very much human. While it is one of the scariest things knowing that each and every one of us will meet Death, to me, it is a relief knowing that I have some control on what the after effects can look like for everyone I leave behind. There are benefits to buying it young. The rates are partially based on age. The blunt fact, the older you are the closer you are to death. Another familiar problem I see if people often try to “cheap” it out. Whether it be by buying a lower limit thinking you’ll increase it in the future or buying a cheaper policy in order to avoid the dreaded insurance doctor’s appointment, both should be avoided. Although it’s tempting to avoid a policy that wants a checkup in order to avoid having to sit in the only open chair next to the weird chick that looks like she may or may not have the Ebola virus, in the long run, those policies that do not require a checkup usually lack some coverages that could be crucial. The same goes with buying a lower limit-consider your debts as well as incomes that your family is likely to lose from your passing. You want enough coverage that would pay off your debt as well as provide a temporary income for your family.
Nobody likes to think about what life would be like without them living it, but there are plenty of ways to protect those you have to leave behind. Ask ECI if you have any questions about your life insurance policy.