Planning for your death

That is such a lovely thought, isn't it?  No one wants to think of it but death, like taxes and politicians breaking promises, is one of the things in life that is guaranteed. Death is something that creates a great deal of turmoil for those who are left behind. I have witnessed families left in terrible financial situations because of a lack of planning and life insurance to cover the debts and expenses. It is heartbreaking when you hear the stories and are powerless to change anything after the fact. Spouses who have to sell the family home and move because there is not enough money to pay the bills. Spouses forced into working crazy hours to pay the bills and depriving children of the one parent they have remaining when they need him/her the most. It is sad, and unnecessary. 

Experts vary on what they recommend for life insurance amounts, but a good rule of thumb is in this article. Having at least 5 years of your salary and enough to cover your debts is a good starting point. Having 10 times your salary is extremely affordable when you are young. For a 30 year-old person, you can secure $500,000 in life insurance for less that $50/month if you are in decent health. A 20 year term policy will carry you until your children typically done with school and your need for life insurance lessens. If you think life insurance is too hard to understand, or unnecessary, think again. I renewed my policy last year in a 30 minute phone call and a brief visit where a med tech came to my house, took my vitals, drew some blood, and verified some health information. That was it. I have a 15 year policy that will get me to my retirement age, and which point I'm not sure I will need much life insurance. This article explains the different types of insurance well, and can help you with determining what you need.  

There are a number of great services you can use to shop life insurance rates. Some of the larger ones are: 

 Select Quote 

 Zander Insurance 

 Policy Genius 

 Please, do not put your loved ones in the terrible position of making financial decisions with little or no money to work with. You don't have to leave them a posh lifestyle, but at a minimum you should make sure that life can go on for a few years as normally as possible. If you love your family, care for them after you are gone as you did while you alive. They are counting on you.