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A life lesson in life insurance: Grief, debt and an uncertain future

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A life lesson in life insurance: Grief, debt and an uncertain future -

When I was only 16, my father died after a short illness. My parents never bought life insurance, so that the only help we received was from the Department of Veterans Affairs, since my father was a disabled veteran. I think we got about $ 00. the cost of the funeral of my father at least double that of the figure.

My mother was now struggling with pain, debt and an uncertain future. I looked at his hand-wringing about how she would pay for the funeral. She did not know if she could provide for my sister and me. She admitted freely that we probably would not be able to keep our house. My sister was in college and my mother did not know if my sister would be able to stay there. My own academic career was in deep danger.

My mother did not know if she could provide for my sister and me. She admitted freely that we probably would not be able to keep our house.

My mother worked full time, but she had to take an extra job to make ends meet-one who called her out all hours of the night, seven days a week. She eventually rented the house and moved with the family to reduce costs. But it also quietly consolidating his life insurance policy.

When she died seven years after the death of my father, my sister and I had enough money to cover the funeral, taking care of urgent bills and then some. I finally used my hand for a down payment on a house almost straight out of college. My sister hers away in retirement accounts. The contrast of my parents was a lesson for me the importance of life insurance.

Life insurance is smart
A recent State Farm survey shows that a large majority of Americans (84%) believe that life insurance is a way smart to take care of the future of their families, but we do not follow through the important conversations are necessary: ​​42% of respondents living with parents avoided having estate planning conversations. That's a marked contrast!

Understand that life insurance is important is not difficult. If you are the main breadwinner, you have probably thought about what would happen if you were suddenly gone. Perhaps he has even crossed your mind how long illness (and many medical bills) would have an impact on your family. Or maybe your family reflects my parents :. Two working parents and two paychecks were needed to cover the necessary bills

Do not turn the conversation
Although we Americans recognize the importance of life insurance, if you are like my husband, you do not like talking about life insurance because it seems morbid or depressing.

Yet the same poll shows that when people make the decision to buy life insurance, they really positive feelings that most often negative feelings about. Purchase leaves them with feelings as "protected" (36%), "confident" (22%) and even "relieved" (21%). If you have not yet had a conversation with your family about purchasing life insurance, there is no time like the present

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(Illustration: State Farm).

Action

You can begin by assessing the needs of this life insurance needs calculator. Then set up a time to talk with your spouse or your parents (perhaps both). Addressing concerns that each party, but try to get out of the conversation with a timetable for the purchase of a policy.

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