Financial Planning, Insurance, Millennials

An Important Post About Life Insurance

Yesterday my wife and I were discussing an unfortunate situation where the death of the main income provider left a family struggling financially. I explained how it made me sick to think about a family not only having to grieve the loss of a loved one, but also having the stress of figuring out how to move forward without the majority of the income they need to survive, especially since there is a simple solution–life insurance. Her response troubled me, “It’s not common sense for everyone; if you’re not in the industry, how are supposed to know you need life insurance, or how much?”

Sometimes I forget what is obvious to me as a financial advisor, is not always common knowledge to everyone else.

My answer to my wife’s question is this post. Don’t worry, it’s not a post about what type of life insurance to get, or how much you need; that’s a conversation you should have with your financial advisor because there are a number of factors to be considered based on your personal situation. Instead, this is to bring awareness to those underinsured young families of the financial risk they are placing their family in. Consider this your wake-up call:

You’re dying–we all are, and if you have a family, are healthy and do not have life insurance, you are putting your family’s future at risk. I hope you live a long life. I hope your family never collects on your life insurance policy. I hope your life insurance premiums end up being a waste of money. But since we don’t know what the future holds, it’s imperative you protect your family from an early death.

As a fee-only financial advisor, I don’t sell life insurance. I have no skin in the game with this post, other than I want to see fewer GoFundMe campaigns to help families struggling financially because of the loss of a loved one. Please, if you have a young family, seek the help of a financial advisor to determine how much and the type of life insurance you need to protect your family–please. We’re all young, healthy, and invincible–until we’re not.

I usually don’t ask readers to share my posts, but today I am. Please share, tweet, email, or whatever you need to do to get this message to anyone you might be concerned does not have the proper protection for their loved ones. Help me spread the word so fewer families have to deal with the nightmare of the financial stress that comes with the death of a loved one.

“You know the song by Phil Collins, “In the Air of the Night”
About that guy who coulda saved that other guy from drownin’
But didn’t, then Phil saw it all, then at a show he found him?
That’s kinda how this is: you coulda rescued me from drownin’ “

-Eminem, “Stan”

We’re all kind of like Phil Collins.

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

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