I lost my oldest and dearest friend a couple weeks ago. During the following five days leading up to his funeral I got to spend a lot of time with the family. While this was not on my list of most fun things to do because of his death, it did give a lot of time to reflect about what is going to happen with his family.
It really brought home my own mortality. I started to think about what my wife would face after my death. Amazingly, the list goes on and on: mortgage payments, credit card bills, property taxes and insurance, car payments, electric bill, water bill and on and on. This is just my wife. What if we had kids still at home? If we currently survive on two incomes, could she survive on her own without my income? She would probably have to sell the house and a car and move to another home or apartment.
Until something like this happens, nobody wants to think about death, let alone talk about it. But as we get older, it is the one truth that we cannot escape: We will all die. The question we need to ask and the answer we have to face is, “Are we prepared to die?”
I know that with the recession, people losing jobs or experiencing layoffs, losing money in the market or in their 401(k)s, and worrying about just putting food on their tables, the last thing you want to think about is life insurance. The fact is that even though times are pretty tough, life insurance is still doing just what it was meant to do. If you own a term life policy that is guaranteed for 10 to 30 years, the death benefit that it would pay if you died tomorrow is not any different than what it was last week, last month or even last year. If you own a whole life policy, the death benefit has not changed at all; in fact your cash accumulation fund has actually grown, not decreased.
Life insurance is one of the least expensive ways to protect your family if you should have an untimely death. Even though we die, life still goes on for our loved ones. Do we say, “That’s their problem,” or do we take the steps to protect their future? While term insurance is the least expensive coverage, whole life is permanent and would cover you the rest of your life without any increases in premium. Plus, whole life insurance also will accumulate cash value.
Any way we look at it, now is not the time to be decreasing or even getting rid of your life insurance. Now is the time to be considering what the future would be for your family.
Contact your local independent life insurance agent and review what you have and what your family would need in the event of your untimely death. Let’s face it, when we go, our families’ lives will still go on.
Kim Cummins, the life and health specialist for Des Champs & Gregory, Inc., with offices in Bradenton and Lakewood Ranch, can be reached at (941) 748-1812.