Today I’d like to share how you can protect your family’s financial future as part of a sponsored post for USAA’s life insurance campaign.
I’m heartbroken every time I hear of someone who suddenly lost a loved one – especially when it was a spouse, child, or parent. My wife and boys are my world, and I don’t know what I’d do without them.
But I don’t only ask myself what I’d do without them, I ask myself what they’d do without me. That’s why life insurance is so important. I want to protect my family and their future.
Do You Need Life Insurance?
One critical way to protect one’s family is to protect their financial future. There are a number of ways to do this. One excellent way is to purchase a lot of (cheap) life insurance.
Life insurance provides a sum of money to beneficiaries upon the death of the insured. It’s an amazing product, and I purchased quite a bit of it. I think you should too.
Here’s why . . . .
The Story of Two Widows
Back when I started the Life Insurance Movement, I shared a story about two widows. Both of them had lost their life partners early in life. Heartbreaking.
One of the widows, unfortunately, didn’t have life insurance and needed it. So not only did she have to deal with the pain of losing her life partner, she had to deal with figuring out how she was going to pay her bills.
Now imagine for a moment that you’re in her shoes. You lose your loved one, your brain is messed up because you lost someone so close to you, and now you have to make rational decisions about the finances. Not only that, you now have to work harder than you did before to ensure you bring in the same amount of income your spouse did to cover your expenses. That’s an absolute nightmare, friends.
Life insurance can’t raise the dead, but it can make it easier to get through the difficult times and grieve the loss of your loved one. It’s difficult to find time to grieve when you have to think about money or else the lights will click off.
How Do You Already Protect Your Family?
Still not convinced you need life insurance? Think about all the things you already do to protect your family . . . .
When you bought your last car, were you thinking about the safety of the vehicle? Of course you were! You might have even looked up the safety ratings for the vehicle you had in mind.
If you’ve ever had a baby, you did some things to protect your child, right? Perhaps you installed electrical outlet covers throughout the house, put up some baby gates, or made sure you correctly installed the car seat. You probably did all of these things and more!
How about washing your hands after you use the bathroom, do you do that? Of course you do!
Here’s my point: You do all kinds of things already to protect your family. Imagine a burglar breaking into your house and stealing all your stuff. The result of that horrible situation is pretty much the same result as leaving your family to have to sell all their valuables because they don’t have enough money to eat.
Don’t let that happen!
Shopping for Life Insurance
Okay, let’s say you’re convinced that you need life insurance. How do you get an appropriate amount of insurance while landing a great deal?
Term Life Insurance
You’ll get the most bang for your buck by going with term life insurance. Term life insurance provides coverage using fixed payments for a certain term. This is typically a much better deal than universal or whole life insurance.
This is a fantastic option for the military community. You can also visit my life insurance page to compare quotes from several companies to get great deals.
How Much Life Insurance Do You Need?
I could give you a rule of thumb for how much life insurance you need, but you’d be better off taking the time to answer these questions as a starting point:
- Do you have student loan debt? How much?
- Do you have consumer debt? How much?
- If you have children, what kind of education savings do they need to attend college?
- Do you have a mortgage? How much do you owe?
- What other financial obligations will your family have in the future?
- How much money will you need in investments to replace your income should you pass away?
As you start answering these questions, you can start to get a feel for how much life insurance you might need. The last question is especially important if you’re currently making enough money to fund your expenses now and in the future.
Imagine the relief your family will feel when, in the event of your death, they realize that you protected them by having enough life insurance to pay off all their debt and fund their future. Talk about leaving a powerful gift and legacy!
Bonus Tips for Protecting Your Family’s Financial Future
Life insurance is a great way to protect your family’s financial future, but it isn’t the only way. Here are some bonus tips that can help you round out your financial protection.
Build an Emergency Fund
This is actually one of the first things you should do on your path to financial security. An emergency fund will help you pay for all those unexpected expenses that pop up.
I recommend you have at least eight months worth of expenses in your emergency fund. I know, I know, that might seem a little bit on the heavy side, but with so many families being in a financial mess, I think it’s sound advice.
Secure Some Disability Insurance
You know what can drain your bank account faster than you can blink? A disability. Disabilities can linger for months or years. And boy, are they expensive.
According to the Council for Disability Awareness, just over one in four of today’s 20-year-olds will become disabled before they reach retirement. Yikes.
Get some disability insurance today.
Lower Your Expenses – Duh!
If you’re spending like you’re Sir Richard Charles Nicholas Branson, stop that! Well, unless you have a legal money tree firmly planted in your backyard, of course.
Check out some ways to save money on food, transportation, housing, and more by reading 70 Super Easy and Practical Ways to Save Money.
Protect Your Family Now
Protecting your family isn’t something you should put off. We never know when our last breath will be, so why not get some life insurance now?
Having been a member of the National Guard, it’s ingrained in me to protect others – especially my family. That’s why life insurance is so important to have. Protect your loved ones today.
Source Good Financial Cents http://ift.tt/1WnRLdm
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