I recently read a two part article on milliondollarjourney.com in reference to Life Insurance Policy. I thought I would add to it by sharing my own experience in regards to life insurance policy. Estate planning and insurance are parts of financial planning that we often forget if we are not dealing with a financial planner. Nobody wants to discuss about death, especially when we are talking about their own death! Unfortunately, this will be the last chapter of the book of our lives. Trust me, you are better off if you leave money for your family behind you than financial problems!
I first realized that when I got married three years ago. As my wife and I were now making one, I thought that I could not let her down if I pass away. We then decided to subscribe to our first life insurance policy. We were living in an apartment, no debts beside a car lease and no children. We didn’t need much to cover for each other’s death. We took 100K each universal life (UL) insurance policy. I found the premium expensive but the UL would last forever and we would always get 100K each when we pass away.
It was surely not the best choice by far. When you seriously think about it, 100K in 50 years (I’ll be 75) will not mean much! With inflation rate, the price of a 2067 Mustang
Then, we had our son two years ago. We did not think about our life insurance policy first. In fact, we were too busy taking care of him and definitely lacking of sleep to think any further! We first bought a land and move to our first house. We were thinking of things that would provide us with a direct impact on our lives such as a backyard to play with our son. After only one year, we thought about having a second child and then decided to sell both the land and the house to buy something bigger.
During the same month we moved, my wife got pregnant. We were then clearly off with our little 100K each universal life insurance policy. We decided to change all of this for another type of insurance. This time, we actually established our needs and chose the right product. I’ll post the result of our analysis tomorrow. Until then, I would like to know if you have a life insurance policy and if so, what type and why did you chose it. Cheers,
You can never be too careful when it comes to your well being. Buying life insurance can provide you with the safety net you need. Plus, finding affordable insurance quotes is easy! Don’t wait. Get your insurance today.
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