4 - 2012

Who Needs Life Insurance?

Do you know what I think about every day? The short list includes spending time with my husband and our young daughter, putting healthy organic food on the table, managing expenses and making sure we’re not spending too much (or too little) on the things we need, and making it through my work and personal to-do lists so that I can provide for my family. And that’s just scratching the surface… What I don’t think about is life insurance. But, as Jason Alderman recently put it in a Huffington Post article entitled “Life Insurance 101,” Life Insurance “can be an important purchase for people whose families depend on their income to cover daily living costs, mortgage repayment, college, retirement or other major expenses.” Obviously, everyone’s life insurance needs are different and may even change over time. But it is essential to have a policy in place if you have children and plan on providing for them later on – something we all would like to be able to do. Adding life insurance payments into a budget can seem like an extra expense though at a time when every dollar counts. But one of the benefits (no pun intended) down the road is that you maintain a semblance of control over the financial well being of your family. First, start with your regular monthly budget. If you are like me, there are probably places you can cut down in your monthly expenses. Eating out less, forgoing the Starbucks in favor of a home-brewed cup, and limiting unnecessary entertainment expenses can eventually add up to savings that would equal the monthly payment of a life insurance policy. And you don’t have to do all this on your own.  There are many available tools, including Genworth Financial’s free budget and  life insurance calculators that can help you carve out the costs of Life Insurance from your monthly budget without tightening your belt too uncomfortably.  Believe me, you will find comfortable in knowing one less thing is on the to-do list and that your family is protected.

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