I firmly believe that life insurance is one of the most important financial vehicles a family or business could have. In the event that a parent, spouse, business owner or partner would pass away, their ability to generate an income also deceases. Therefore, life insurance supplements those lost wages and maintains the business or household economically.
In a recent radio interview on Everything Cha-Ching, my guest Kevinn Burris, Owner of Assurance Financial & Insurance Services (www.afis-az.com) states that “life insurance helps maintain your financial plan beyond you,” and that if you “come from a family with no means, unless you want your children to go through the same things you went through, as far as not having means, if you don’t get life insurance, you’re subjecting your kids to go through the same things you did. There is always a reason to have life insurance.” Kevinn also states that life insurance “allows businesses and families to continue on, in some instances, for generations.”
One of the things I find very interesting is that we are very comfortable with the idea of insuring our vehicles and our homes, but there is a lot of discomfort involved when talking about life insurance. That discussion forces us to conceptualize and monetize our mortality. Kevinn states that we may pay auto insurance for years and never have a car wreck, but there is a “100% chance that we are going to die, there’s 100% chance that our ‘number’ is going to hit,” so why would we not make sure our loved ones are taken care of?
Many people do have life insurance, much of which is through an employer. However, as a nation, we are grossly under-insured. A huge misconception is that if you have group life insurance through your employer, it is assumed that that amount is sufficient. Even if you have 3-4x your salary in insurance coverage, that still won’t be enough to pay off a home, send kids to college, and/or put some money in the survivor’s pocket, failing to replace the lost income. Group insurance should be viewed as the cherry on top to the personal policy that provides primary coverage.
Results of not having enough, or any life insurance, can be devastating. For idea of that reality, please refer to this piece, https://www.learnvest.com/2013/03/dear-mom-i-wish-youd-had-life-insurance.
Please don’t allow this to be your situation. Reach out to Kevinn at email@example.com, or myself, and allow us to conduct a review of your needs to ensure your family is adequately protected. Needing to hold estate (garage) sales or car washes just won’t be enough to protect your legacy!