Updated: Aug 20
Guys... Have you put off your life insurance? Has your wife asked you to look into life insurance, but you never followed through?
If the answer is "yes", what's holding you back?
What happens to your family's financial future if you die?
I'm gonna be blunt with you, because sometimes us guys need to just be called out, so we can realize the error in our ways....
If you are married or in a committed partnership, especially if your spouse/partner relies on your paycheck or you have kids, YOU NEED TO HAVE AT LEAST SOME LIFE INSURANCE THAT YOU OWN AND CONTROL (not through your employer).
Because if you part ways with your employer in the future (for whatever reason), your group life insurance policy is almost never portable. And if in the future, you become uninsurable or you are no longer healthy, you may be denied coverage or the cost could be prohibitive. This is why YOU MUST OWN AND CONTROL AT LEAST SOME LIFE INSURANCE COVERAGE.
If you're healthy and in your 40's, you can probably get $250,000 of coverage for the cost of a few QUAD SHOT ICED MOCHA LATTES per month. It's kind of a no-brainer. If you're healthy and in a committed relationship... just get it done. It literally takes a few minutes to get a policy started.
If you're in your 60's or 70's, and you you've got a health history, perhaps you can only qualify or afford a final expense policy for $10,000. But if final expenses is going to be a burden on your family, don't you want to try and remove that future burden from them?
I guess my point is... If you've done your best to put your family in the best financial position, they will remember that forever. Buying life insurance is a complete act of love and selflessness. You are thinking of your family and doing your best to ensure their financial stability.
How much coverage should you get? It depends on quite a few factors. $250,000 may or may not be enough for your situation. That's why I'm here.
If you say you can't afford it, get a piece of paper and list every expense that you can think of .... mortgage/rent, tuition, car payment, food, clothing, health insurance, dinners out once a week, drive thru coffee, fast food, fantasy football league entry fees, alcohol, etc. You get the point. A few dollars a month for life insurance can easily be managed if you decide it is a priority!
But just think of the moment when you walk up to your wife and you tell her you handled the life insurance. That is an act of love that she will never forget, because you weren't thinking about yourself. This is 100% for her or your family. LOVE IS ACTION.
Call me to get started. Think of the smile you'll bring to her face.
Joseph Carrano, ChFC®
Carrano Insurance Services, DBA