If you could insure your life, would you?

You’re buying a new phone at the store. The nice clerk tells you that for just $7 a month, you can insure your phone in case it breaks. These darn phones are already expensive, but you know from experience, they are also very fragile. That $7 sure seems like a good deal to protect a $700 phone, so most of us jump on that offer. We also insure our cars, boats, house, jewelry, etc. How about yourself? How about your wife and kiddos? Aren’t they the most important assets in your life? Isn’t a couple dollars a day worth it to insure their well-being in case something bad happens? Nobody thinks it will happen to them. Heck, my sister’s new father-in-law went out to go hit golf balls at the local range 2 weeks ago, and he dropped dead of a massive heart attack. He had no clue that was happening. The only thing he was worried about was keeping his head down, and making good contact with the ball. Dead, without any warning. These things are tragic and often unexpected, but they happen thousands of times a day in this great country.

“What answers would you like them to hear?”

Ask any expert, and they will tell you that the overwhelming majority of Americans are under insured with their life insurance. Does your employer offer it? If so great, but they probably only offer about 1-2 years’ salary. That’s not going to last long with a house full of kiddos and a spouse who relies on you as the main bread winner. The industry standard is about 10 times your annual income, but even more experts are saying that’s not enough. If you make $100K a year, you should have $2 million in coverage. That sounds like a lot of money, but is it? If you have two kids in elementary school, your wife will need money to raise them for at least 10 years, then hopefully send them off to college. Sure she could get a job, but that would bring in even more expenses with babysitters, transportation, etc.

When you die, your family is going to ask a few questions:
– How much money do we have?
– How long will it last?
– Will we be able to stay in our home?

What answers would you like them to hear?

In order to keep your family accustomed to their lifestyle, I recommend 20 times your annual income. If you make 50K a year, I recommend a $1,000,000 policy. If you make $250K, you should get a $5,000,000. This sounds like a lot of money, but keep in mind, your family will need it for all sorts of things for many years. Do yourself a favor, and find out just how inexpensive protecting your loved ones can be. Take a couple minutes to fill out this form, and in a few short weeks, you can rest much easier.