It seems that lately, the Husband and I have been thinking like grown ups, especially when it comes to the kids. It may be because of their birthdays this month, or because we’ve finally found where we plan to retire, but we are determined to tie up loose ends. Recently, those loose ends had been leaving a bank, starting a relationship with a credit union, and creating bank accounts for Sonny. Now, we’ve moved onto Insurance.
Life insurance isn’t something that’s foreign to us; I have a policy the military convinced me to get when I was away at basic training, and my Husband has one through his employment. We also have a separate one that we started when we took our insurance broker classes. We’re pretty much covered. But, what I loved learning about what the difference between policies. There are so many out there, which may make it daunting to even start up a policy. When we took our classes, I was surprised to learn how important, and effective, Term Life Insurance is. It only covers you for a certain time period, whether it be a 10, 20 or 30 year “term,” but if you think of WHY you’d only need that coverage during that time period, it makes complete sense. If something happened to us before the kids finished college, or even got to college, the insurance would cover whatever expenses we’d leave behind, as well has add to their college fund. Sites like Term Life Insurance Rate Company are able to explain it better than I can, but just knowing that makes me feel at ease.
We now have all of our insurance paperwork organized and in a safe place. Our next project will probably be mutual funds and other investments. We’re checking our finance to-do list and crossing off major items. It’s becoming enjoyable to be prepared, especially as I watch my kids grow before my eyes.
Do you have life insurance? Did you go for a Term policy or did another policy fit your lifestyle better?
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My name is Amiyrah and I'm an an African American fashion & lifestyle blogger based in Ohio.
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2 Comments
7.23.12
JennysMom said:
We got term life insurance only a couple months before my much-younger and healthy (vegetarian) just 42-year old husband was diagnosed with cancer.
His cholesterol level was only 112, and the life insurance company did it twice thinking the first test result was a goof!
We finally got it (Select Quote was our choice/ and chose Banner Life) because my late husband’s sister had once worked in the insurance industry and pleaded with us to get it because we had young kids. I never thought my sweetie would die, but after a very heroic near 5-year cancer battle, he did! (He worked as the best finish carpenter on the planet until only a few months before his death).
You think you have a perfect life and everything bad happens to others? Never to you? We did have a perfect life until one phone call in our just-completed dream home my husband had just built.
As far as what kind of policy, don’t be fooled with WHOLE LIFE insurance! Research it. You’ll discover insurance agents love it because it gives them such ridiculously high commissions and mucho $ in their pockets. Don’t be fooled by their slick comments to get you to buy it.
Term life insurance is the best because it only covers you for a term of time you choose–and yes, we all die (Just like Amiyrah says). Think about it for stay-at-home parents too! You think you don’t need coverage, but if the unthinkable happens, WHO will take care of the little ones and how will YOU pay for it? Don’t put this off, we nearly did, and I’m so grateful my late husband’s sister wouldn’t listen to our please of “not enough money to pay premiums” (We were a one-income family).
Term life insurance premiums have become cheaper and cheaper through the years.
If my story touches you in the smallest way, read my words again, and then do research (No Whole Life–even Suzi Orman advises against it) and get life insurance today. Seriously. We were lucky to get it when we did (and we got premium rates). I shudder to think if we had waited a few more months and the cancer diagnosis had come through before & we didn’t have insurance.
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7.25.12
It is indeed important that you understand how life insurance works so you’ll know more about what a certain insurance plan has to offer as well as avoid any problems that could arise when it comes to claims.
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