If you help support others, you need life insurance and more – really

If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance. 

-Suze Orman

 

She’s right: If you help support others, examine your priories.

Purchasing adequate life insurance and doing your estate plan, viz. signing a will and creating a trust, are probably low on your
list. They should be at the top.

Two good reasons that you should review and act:

I saw the confusion and pain wife had to address when she lost
her husband, before he bought the life insurance he had promised to obtain, and
had to help her kids adjust to the massive change of lifestyle as they sold
their home and downsized because they could no longer afford what their dad,
the chief income earner of their family, had provided them. If they had
proceeds from his life insurance, they would have only been dealing with the
grief of losing him.

I saw adult children deal with the probate process so they could
be appointed administrators of their mom’s estate just to be able to access
bank accounts, pay funeral expenses and then sell and distribute the remainder
of her assets, making their own decisions in place of knowing what she would
have wanted.

So please think again.

If you have not obtained life insurance to replace your earning
power, which helps support your family, and if you have not executed a will,
along with a trust, medical directive and other documents that may be
appropriate, you are not just avoiding an inconvenient imposition on your time
and the payment of premiums and fees, you are failing to properly think of the
consequences of not acting and the impact that could have on your loved ones.

  

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