025 | Why You Need Life Insurance Today

Why You Need Life Insurance

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Life is precious. One day, we’re spending quality time with our family and making beautiful memories together. And the next day, we’re diagnosed with inoperable stage 4 brain cancer. I don’t say this to be flippant. I say this because we truly don’t know what tomorrow will bring. That is why we need to protect our family’s financial future with life insurance.

I’ve spent some time on Reddit lately reading stories of families who have recently lost a loved one and how life insurance (or the lack of it) has affected their lives. Not only does death take an immense emotional toll on the family, it can take a huge financial toll as well.

For those that are prepared and have life insurance in place, the stories are sad, but hopeful. I was reading one the other day about a 30-year old man who has cancer and the doctors have given him 12 months to live. A few years before the diagnosis, he had picked up life insurance. Because of his proactive thinking, his wife and daughter will have $500,000 after all of their debts and mortgage are paid off if he passes away.

There are also stories on the other side of the coin. Families with a bread-winning spouse that recently passed away that are now stuck with no income.

I invited Jen Fowler from SelectQuote to talk to us today all about life insurance. There are a lot of insurance providers out there. I specifically invited SelectQuote because Nicole and I used them for our first policy. I like them because they look at rates and coverage on your behalf and get you the best overall policy. It’s like booking travel with Expedia or Kayak where you can get a bunch of options, but for the life insurance world.

What are we covering today?

On the show today, Jen answers questions like:

  • Who needs life insurance?
  • What is the difference between Term and Whole Life Insurance?
  • How much coverage do I need?

If you haven’t purchased a life insurance policy yet or you have a policy in place already and just want to make sure you’re properly covered, please listen to this episode. You and your family are going to be happy that you did.

Show Resources

How to Retire in 6 Easy Steps – New Course from early retirement guru, Dylin Redling. Be sure to use coupon code “MKM-10” for a 10% discount.

Life Insurance Calculator – See how much life insurance coverage you need at LifeHappens.org

Financial Peace University (at home kit)

Financial Peace University (find a group near you)

Thanks for Listening!

If you enjoyed this episode, here are some excellent ways to help out the show:

I truly appreciate the support everyone!

Carpe Diem Quote

“I am prepared for the worst, but hope for the best.”
-Benjamin Disraeli

Are you protecting your family with term life insurance?


 

Author: Andy Hill

Andy Hill, a mid-30’s father of two living in the metro Detroit area, pens the MarriageKidsandMoney.com (MKM) blog taking you through the trials and tribulations of being a young parent and husband who is planning for his family’s future and winning with money.

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