Life Insurance... I'm Going There
I’m going there.
Who should have it?
What does it cost?
I’m going to start with the last question first. What does it cost? A better question might be, what would it cost to not have it? While many people feel it is an expense, I think it’s invaluable. If you drive, you have car insurance, I’d hope. I feel this is the same for Life Insurance. The benefit of life insurance can keep a family in their house if a parent dies, help a child go to school and be a backstop as a family picks up the pieces of broken hearts as they transition into their new “normal”.
Who should have it? In my opinion, everyone. The focus should not only be on the spouse who works outside but also the stay at home parents. The logic is reasonable, if someone works, you need to replace their income. What happens if it’s the stay at home parent? There are other expenses to take into consideration, childcare.
How much should I have? This is a tricky question. It’s different for everyone. There is no “one size fits all” answer. Looking at all of the expenses and needs of the family is the first thing to be considered. How many years of income are you looking to replace? Will the cost of living go up or down? What are the plans of the survivor? Do you want to have more while your children are younger? Will the insurance be used as a potential savings vehicle?
These are just a few questions to think about while planning your insurance needs. The answer for everyone is different and it’s yours.
Have a conversation with your family. It isn’t the most glamorous or easy conversation to have but it could save a family from hardship. As always, reach out with any questions or comments you have, Miri@SynergiaFinancialGroup.com
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