Life insurance is one of those topics a lot of people run away from and listen, I get it…who wants to think about dying?! The harsh truth is it happens to all of us and sometimes its unexpected. But because we like to keep things light around here let’s play a round of two truths and a lie…life insurance addition!
You don’t need life Insurance if you’re a stay at home parent. FALSE!
- Ok, this one gets me going because everyone knows stay at home parents have the biggest job! They are house manager, chef, housekeeper, driver, teacher, and childcare provider. Could you even imagine if that person wasn’t there to do all those things? How would that change your family’s life? The surviving spouse would still be having to bring home an income, right? That is where life insurance comes in.
Life Insurance needs change regularly. TRUE!
- As time goes on are needs change in many aspects, and with life insurance as well. Maybe you bought a new house, got a raise, had kids or had health improvements. Its always good to review your coverage now and then to make sure you are still getting the coverage that you need.
You shouldn’t wait forever to get coverage. TRUE!
- But why? The longer you wait the older you become and the older you are the more risk there is that you could have a health issue. Higher risk is always going to be higher premium in the insurance world. Higher premium aside, you could also be putting your family in a bad situation if something unexpected where to happen.
The group policy you have through your work has enough coverage. Mostly False.
- Group insurance is a great perk and can be very affordable, but you should look at this as an addition to a separate personal policy. Most group policy’s won’t follow you if you decide to change jobs, and its typically not for the 10 years income that most finical advisors would recommend.
