Diapers, wipes, bibs, blanket, spare outfit, pacifiers, bottles, toys, snacks… Even just running to the grocery store with a baby in tow requires planning and preparation. You pack the diaper bag with all the essentials you may need while you are out, and off you go. So if we plan this much simply to pick up bread and milk, why is life insurance not at the top of every parent’s “Must Get” list? It’s the same concept – planning ahead to make sure you are prepared, except that in this instance the repercussions for poor planning are much worse than not having a spare bib or pacifier.
As soon as I welcomed my daughter into the world six years ago I realized how vulnerable I was. Not just because I had no idea what I was doing as a new parent, but because I was terrified of what would happen to my family if I died. Could my husband afford to stay in our home; would he have enough money for daycare, school and college; what other sacrifices would they have to make, now and in the future?
I sat with my advisor and made one of the best investments available – I bought a life insurance policy. Not for a ridiculous amount; just enough that would allow my husband and daughter to stay in our home, support her education and continue to provide financial assistance throughout her childhood and teenage years. And you know what? Having that policy still gives me peace of mind today!
Think of all the “stuff” you have purchased in your lifetime and never used. Spare items that you bought “just in case.” A term policy can cost less than a gym membership (depending on your health and other factors), but it’s there in case the worst should happen. And if you are still alive at the end of the policy term – FANTASTIC! Go out and celebrate life with your family!! Or convert part of it into a new policy so that you stay protected (talk to your financial advisor about conversion options).
Having your first baby, adding to your family, or just getting through each day, is stressful and you often procrastinate about doing things that don’t seem important at the time. But those are often the easiest to take care of so make them a priority. And if you have a life insurance policy when was the last time you thought about it? Have you had more children since then? Does it need to be increased to stay current with your lifestyle? Talk to your advisor, or contact us if you don’t have one, and open the discussion about life insurance.
Life Insurance is the spare bib you pack in the diaper bag, just in case. You hope you never need to use it, but it’s there if spit happens.