Life insurance is an important financial tool meant to protect your family in the event that something happens to you or your spouse.
And when you have kids to watch out for life insurance becomes a must-have. But talking about life insurance and the kind of coverage you need can be a tough topic to bring up. No one wants to think about leaving their family, but unfortunately that will day will eventually come.
There are too many times when a family loses a loved one who was once responsible for the financial well-being of the family with no life insurance. In these cases the family suffers not only mentally and emotionally, but also financially.
If you want to keep your family protected but need to figure out a way to bring up life insurance here are some ideas.
Talk About the Future of Your Children
As parents we all like to think about the future of our children. And as a responsible parent you can recognize that finances play a part in a bright financial future.
While you and your spouse are talking about the future of your children bring up the idea of a will and life insurance. Talk about what would need to be done if something happened to one or both of you. Who would take care of your children? How much money would you need to leave?
Calculate how much money would be necessary to cover all of your debt and to leave money for expenses, like your children’s college education.
Set Up a Meeting with Your Insurance Agent
If you feel like you and your spouse have a lot of unanswered questions then call your insurance agent and set up a meeting.
Your agent can answer all of your questions, provide you with quotes, and help you calculate how much money you need to stay protected. Talking to an experienced advisor can help your feel at peace with the decisions you make.
Bring Up Some Statistics
State Farm recently conducted a survey on life insurance with some pretty interesting statistics. For instance, when asked if life insurance has been an important part of their family’s financial plan for generations, almost half (48 percent) of Americans agreed and 22 percent strongly agreed.
Another interesting insight from the survey was that parents of children under 18 are more likely than those who aren’t parents of children under 18 to say life insurance is an asset (58 percent versus 47 percent).
You can find more results from the life insurance survey on Good Neighbors. These points can help you spark a conversation with your significant other.
Getting Protected Isn’t Hard
Unless you have a health issue life insurance isn’t terribly expensive. Regardless, it should be a line item built into your budget and looked at as an asset rather than an expense.
As a parent you shouldn’t leave the fate of your children in someone else’s’ hands. Life insurance can help you map out a plan for your family’s futures.
Have you made life insurance part of your family’s financial plan yet?
Disclosure: This blog post was written as part of a sponsored program for State Farm to raise awareness about the importance of life insurance. All views expressed are entirely my own, and were not influenced or directed by State Farm. You can learn more about this blogger program and life insurance at GoodNeighbors.com, PlantingMoneySeeds.com, and by following #StartLiving on Twitter.
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People don’t realize that a simple conversation gets the ball rolling. It breaks my heart when I hear that parents don’t have coverage for their children.