Wednesday, August 6, 2008

Think About the Future

My brother-in-law's death has brought up a lot of questions for people that I've talked to. The sudden-ness and finality of it all. Some wives I spoke with were worried about their own situations, feeling that this hit home quite hard for them.

Fortunately, I'm not one of them. While I was pregnant with SP, DH and I went through our financial situation with a fine toothed comb outlining every single expense we could reasonably anticipate over the course of the next 30 years. It was difficult but worthwhile because of the peace of mind that we both have. We were both able to secure fairly decent insurance policies. His policy is for all of the living expenses I would have while I stayed home to raise our children, any special schools they might need to be in, as well as college expenses. It would also pay off any and all outstanding creditors and leave me with plenty to live on if I'm wise.

My policy is primarily there for childcare expenses because if something were to happen to me, that would be the main thing he'd have to worry about monetarily.

If you are a parent, and have been putting off life insurance, or haven't put much thought into it, I urge you to reconsider. Don't wait for the "responsible" one in your relationship to do it. Your children are counting on you to be there for them! Think of your work experience, income potential, how many children, and their ages and then do the math. Would you be okay without your spouse's income? A funeral alone costs about $15,000! Did you know that? Yikes!

When you begin to look into life insurance, think of all of the things you pay for whether it's monthly, bi-monthly, quarterly, yearly etc. Think of all that you want to provide for your children throughout their lives - and I mean everything. Think of how long you may prefer to be home with your children and make allowances for that.

Life insurance isn't as expensive as you may think, especially if you're still relatively young and in good health. Don't forget both parents - as I said before, you both provide something that would need to be replaced.

4 backward glances:

Christy said...

Good post of a MUST do.

Rachel said...

As I drove Chad to the airport last night I ask him some of these questions. He was urked that I would bring it up before he got on an airplane. I asked him where he wanted to be buried. It made him think. And when I told him I would want to be in Heber for my final resting place he agreed that that would be the best place. I guess we need to start the wheels in motion to secure a spot there. Thank you for bringing these things to light. They are tough conversations, but so needed. Thank you.

Lisa said...

I had to make my hubby get life insurance and force him to the lawyers to get a will done. However, if either of us should die, the house will be paid off.

kelly said...