A few months back, a colleague of mine shared a story of a late night phone call he received from his friend and client Steve. He thought it was odd that he was calling him so late at night. So he answered the call.
Steve told him that he just received word that one of his good friends unexpectedly passed away in his 40s leaving behind a wife and children. Steve’s friend was the sole income earner for his family.
His friend’s wife and children were not only dealing with the pains of their loss, but also the loss of the family’s only income. Here’s where it gets worse…
Unfortunately, Steve’s friend was one of the 106 million adults who do not have any life insurance. So now, without having an income or a life insurance death benefit, his wife is going to be forced to find a job to provide for her children.
Steve didn’t know what that would look like for his friend’s widow, but I can only imagine what additional pains that would cause. With his widow having to now be employed, she may not have time with her kids when they get home from school. If she can’t replace her husband’s income, then their family may not be able to make their mortgage payments and may have to relocate to a much smaller home in this higher interest rate environment. The kids may have to relinquish their extracurricular activities and the list goes on and on.
Steve purpose for his phone call wasn’t to just inform my colleague about his friend. He called my colleague to tell him how what we do is so vitally important to helping family’s prepare financially and to encouraged him to continue to share about it more frequently.
So here I am, sharing with you how important it is to protect your family financially should you pass without sufficient assets to care for them. Depending on certain factors (age, health, gender, etc.), term insurance could cost as little as pennies a day. It’s a high financial risk not to have it and it’s one of the best ways to protect and care for your family.
You may have a life insurance death benefit and that’s great, but you may also be highly overpaying for it. I’ve helped multiple friends save hundreds and thousands of dollars on life insurance simply by finding a better rate. I saved one of my friends $12,000 over the course of her 20-year term by saving her $50 per month on a new term policy.
It only takes me a few seconds to create a quote and I’d be happy to do it for you so that you can take one step closer to protecting your family.