Life is unpredictable, and part of the human experience is coping with the unexpected. For example, I recently opted to accept one job offer over another. Sometimes I find myself sitting at my desk in my current position pondering where that other opportunity would have navigated my life. While I will never know the answer to that question, there are some unknowns that we can prepare for. One of these mysteries is death.
Many folks find talking about death difficult, but it is a reality that each and every one us will eventually face. While you may not know when the end of your life will come, there are steps you can take to relieve some of the burdens your loved ones may face following your departure. One of the easiest and most important steps is acquiring a life insurance policy.
There are different types of life insurance policies including term insurance, which only covers a select number of years, and permanent life insurance, which covers the insured for the remainder of his or her life. It is important to determine which life insurance is the best fit, financially and logically, for each individual. Additionally, many employers offer life insurance policies that employees can take advantage of during their time with the company.
In the event that a relative passes away, their family members and friends are often left with heavy financial burdens including funeral costs and even unpaid bills. A life insurance policy can help the appointed beneficiaries cover the costs of hosting a funeral, burying a loved one, and cover any outstanding debts. While losing a loved one is not comparable to losing money, eliminating the stress associated with large financial debts can allow family and friends to grieve together without also worrying about the costs associated with wake and funeral arrangements.
Another benefit of a life insurance policy is financial support for a deceased person’s family. Many families are dependent upon one or two incomes; if one or both of those incomes are lost, the family will not be able to maintain the lifestyle to which they have grown accustomed. In these cases, having life insurance does not only provide peace to the family of the deceased, but also to living policy holders who know their families will be able to support themselves in the unfortunate events of their deaths.
Growing up, I often heard my father, the sole earner in my family at the time, talk about insurance policies. He often told my mother and my three siblings that we would be taken care of, “just in case something happened.” I did not fully appreciate or understand what that meant at the time, but as a young adult I feel immensely grateful for his responsibility. Fortunately, I still have my father in my life, but I will follow in his footsteps to ensure my loved ones do not have to worry about debt in the event of my death.
I have grown to understand the importance of having adequate life insurance, and I will be obtaining my first policy soon. While I am only in my mid-20s, it is still just as important to prepare for the unanticipated. My boyfriend of three years and I share a living space, vehicles, and responsibility for the bills. Both of our lives would be impacted immensely if one of our incomes was no longer available. I take comfort knowing that if my life is cut shorter than I expect, his financial stability will not be impacted.
In addition to working together to cover our day-to-day bills, my boyfriend is loaning me a substantial amount of money to help cover the cost of my education. While we have taken all the legal steps to ensure we are both benefiting from this arrangement, it is also imperative to take further action in preparation for an unexpected event such as a fatality. I take comfort knowing that if something were to happen to me before I am able to pay back this personal loan in full, my boyfriend will not lose his savings or financial security.
It is easy to live day-to-day with a carefree attitude, and to some degree everyone should! However, the expression goes, “live each day as if it was your last,” and I would want to make sure my loved ones do not have to worry about money in the event that today is my last day. I will be making a responsible decision in the coming weeks and investing in a life insurance policy, and I hope anyone reading this does the same.
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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.