#237 – Life Insurance Made Simple: Securing Your Family’s Future

depends where you already have your policies. Again, I'm interested in the cost of the policy, what's the what's the sort of structure? How many years the coverage? What's the amount? And then is this company financially stable? And can you know, can I get behind being secure and have a peace of mind that my family will be protected? So you need to do a little bit of shopping as well. But first, as we talked about, really sit down and kind of identify what your amount is, what would be comfortable? One of the most common scenarios I've run into is like, for example, if you have a single income household where one spouse works, and the second spouse doesn't, you'd be like, Well, how do I every day, kind of how do you come up with a number to assign income to the spouse that doesn't work? And there's lots of different numbers that have been thrown out there for what what would it take to replace all of the things that that spouse does? Who doesn't work outside of household, so you kind of want to think about that right? All the household duties and driving kids around and whatever their responsibilities are. So don't dismiss that just because they don't bring bring income from the outside doesn't mean that they're not valuable inside your home. So that's also something to take into consideration. Yes, you might want to give it a smaller amount as opposed to someone who also brings income from either their business or they have a salary, but at the same time, it is just as equally important because if that spouse, all of a sudden he's not there. How are you going to take care of all of these obligations right? yourself because you're going to have to go to work for most, for the most part, and continue doing all of that, and somebody's going to have to step in. So think about who you have to hire in order to cover all of those responsibilities. So my friends, I will, I'll start closing for this for this discussion today. But I hope this is enough for you to kind of start thinking and revisiting, what do we have as an insurance coverage for our family? Are we ready to talk about more than just the term policies, and that's fine, too. Today, we're just going to cover the basic needs, because I want to make sure that you have enough protection, and then also, how we're going to go about getting more coverage. Don't delay doing that. There's plenty of examples where as we get older, life happens to us. I've had a client years ago, and I will never forget this, this example, just because it happened right in front of in front of my eyes. And you know what, lo and behold, he was a younger family. They just got married, planning, you know, to do all these great, great things they wanted to financial plan. And so we talked about life insurance, and they've they've gotten some coverage, right, right around the time we've created a financial plan. But but that was it, right? And then they went away, I didn't see them for a couple years. And when they came back for an update, they're like, oh, my gosh, we have a new our first child, and we just bought a home. So all these things are really starting to happen for them. And we're like, Okay, well, let's revisit insurance coverage. Because, you know, we were in a different spot when they were initially taught, we were initially talking, once we sat down and reviewed all of these thoughts and calculations, again, in the same kind of format that I described to you today, we realized that, you know, you guys are really great candidates for beefing up your insurance coverage. So each of them were supposed to get an additional policy, I forget the specific amounts. But when we when we went back to the insurance companies and said, Okay, we're interested, it wasn't anything huge. I think maybe it was like a half $1,000,000.20 year policy. So something very inexpensive for somebody who is in their late 30s. Well, guess what? My clients, Ryan, all of a sudden developed a heart condition. And so when we came back to look at the quotes, the cost of it was ginormous. So I'm not laughing at this because this was unfortunate. Right? But because we've secured coverage previously, for them, which again, was it was at that time was going to still be around because it was for a certain period of time. It was such a relief and peace of mind. Yes, of course, it's disappointing that because life happens to you, right health changes in all of this stuff, you aren't either eligible, you're going to have to pay crazy more amount of money for it. It didn't work for for them. So I just challenge you to think about it that way. And really more about not what you need, but what are your family needs are for situations where you might not be able to provide for them. So my friends, I am closing for today, let me know what your specific questions you have. Look for quotes. Reach out if you want to talk I'm happy to kind of give you some pointers and resources maybe if you're gonna get two or three don't get more than five because it's going to be overwhelming and you're you're just gonna get lost in all of this stuff. Stuff just start somewhere. Let me know what questions you have. Thanks for tuning in. And again, if you found this episode useful, please share it with a friend. And also don't forget to leave us a review those are awesome compliments that I love getting if you finding this kind of information valuable Okay, until next time, you are the bosses of your own money.