Mike’s Life Insurance Advice

Hi George,

Although ultimately we all decide what’s best for us, we all have quite a few things in common.

Most people that get married want to take care of their spouses. You probably pledged to take care of each other “in sickness and in health, for better or for worse…”.

Although it seems that all too many people didn’t seem to mean what they said (hence the high divorce rates in this country), I’m hoping that you and your wife took your pledges to each other to heart.

With that in mind, there are a number of reasons why I’d suggest you buy life insurance. First of all, it will never be as inexpensive as it is today. That’s because as you get older the cost of your insurance premiums for the identical coverage increases.

If a whole life policy is beyond your means right now you can at least get term life insurance. Many companies offer policies that will cover you for anywhere from one year to twenty-five, thirty, or thirty-five years. Keep in mind that unless you expire before the term of your policy, your coverage will eventually disappear.

Therefore, if it’s doable, you might want to consider paying a bit more for whole life coverage. This type of insurance will last no matter how long you live. And many of these policies also have an investment factor built into them.

The primary reason people buy insurance is that it will take care of whatever big bills you’ve amassed, so they will not be a burden on your family should you perish. For example, if you’ve invested in a home and you pass away, ask yourself if your wife can take care of the mortgage and everything else on her salary alone. If she can’t, or if it would be a struggle, then insurance would be a good idea.

You mentioned that you don’t have any children yet. If you eventually have kids, your insurance will, of course, take care of them too. And, many years from now, should you have grandchildren, you can be establishing a legacy for them by making small monthly investments now.

Finally, you will have the peace of mind knowing that whatever happens you have done what you could to take care of your wife.

Hope this helps.

Sincerely,
Mike