How many people, when it comes to talking about life insurance say things like: We’re too young. Who needs it? We take good care of ourselves. We’ll sign up for it later. There’s no rush. According to JD Powers.com “40 percent of adult Americans have no life insurance whatsoever, and over 50 million people in this country lack adequate life insurance.”
That’s A LOT!
This subject is very important to me. You see I’ve known people (and you probably have too) that got caught in a severe situation when one spouse passed and there wasn’t enough or any life insurance in place. One scenario was a young couple who thought they were too young, too healthy and too confident that they thought nothing bad was going to happen to them. Guess what? I’m sad to say that it did. The husband died suddenly, there wasn’t any insurance to cover anything and the wife had to:
- Sell the house
- She was a stay-at-home mom and had to get a job and not a great job at that. In the meantime, she had to stay with family.
- Wasn’t able to pay for the car, health insurance and extras that had been a part of their lives. And all this while dealing the grieving of her husband.
Not having ENOUGH insurance can be almost as devastating. At the very least, one should have final expense so that the hat doesn’t need to be passed around just for cremation. AND, it’s not only imperative to have your spouse, perhaps the major income earner, covered correctly, but also the one who stays home, the caretaker of the household. When you put a monetary value on what that person does, it will surprise you.
Actually, according to salary.com, the average stay-at-home mom performs at least 10 different jobs: teacher, cook, event planner, housekeeper, shopper, and often times, keeper of the finances just to name a few.
Make certain that you’re covered for the right amount. The rule of thumb is to have at least four times the amount of insurance that which your salary is a year. I mean, you wouldn’t let your child ride in a car without a seat belt or ride a bike without a helmet would you? Chances are nothing will happen, but what if it did?
If you have concerns about the coverage that you have… is it enough, is it the right product, I would be happy to do a review for you. It’s painless, free and you will then know if what you have is correct for you and your family. In order for me to do this most professional and complete job for you, I’m going to need your answers to a few questions. Is that OK? Let me know and I will get those questions to you and we can begin to see if you, my friend, have enough life insurance coverage.
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(c) 2013 D.C. Brown