Our Life - Our life insurance needs have changed over the years as our lives have changed

Our Life – Our life insurance needs have changed over the years as our lives have changed

I’m going to be doing a 6-month in-depth look at Life Insurance because I truly believe it’s one of the most important purchases you can make. We own several types of life insurance, each bought at different times in our lives and with different necessities in mind.

We were lucky in that both my husband and I worked for companies that provided some basic insurance at no cost to us, but more importantly, they provided information on the importance of additional insurance that could be purchased and carried long after we left their employ.

Additional Resources: Genworth Life Insurance Company presents What is Life Insurance? and Why Women Need Insurance.

I began my career with the local telephone company in 1979 and I had every intention of retiring from there after 30 years at the young age of 48. Because of this, I originally ignored the company’s independent insurance outreach. But after 14-years with the company and the addition of two children to our family, I left their employ and am forever grateful that I did heed their advice and had purchased a policy I could take with me.

The life insurance policy was large enough to help my husband if I was to I die before him and more importantly, it provided enough money for my children’s care. At that time I was making about 1/3 of the household income, suddenly losing it would have created a severe financial hardship for my husband.

Our Life Has Changed – So Has Our Life Insurance Needs

Our kids are adults now so the insurance I carry now provides less coverage to reflect our current lifestyle.  But that’s the importance of finding a company you’re comfortable with. One that you can check in with and make adjustments as your life and needs change.

Even now, my policy is enough to help cover our mortgage plus my burial expenses, but certainly not at the rate we had when our kids were small since we no longer have the expenses we had when they were smaller. Even so, I would HATE to leave my husband to grieve my loss and as an added burden, try to figure out how to live without my income, so I have a policy to help him out.

We have several different policies – whole life, universal life, and term life. Next month I’ll share more with you about the difference and why we chose different policies at different times and why the two of us don’t have identical types or amounts of coverage.

Life Insurance – It’s a Conversation to Have Now

Start the conversation with your significant other, now. Planning for your future is something that should be discussed and shared often. I’m amazed at the statistics that 50% of American’s don’t have life insurance. For us it’s one of the first bills that gets deducted – it’s that important. It’s not morbid. It’s a fact of life. One of us will likely leave this earth before the other. We need to make sure we’ve left the other enough to be taken care of.

Next month: Getting Knowledgeable on Life Insurance 

 This post was inspired by Genworth Financial. All opinions my own. For more information and expert help with life insurance, visit the Genworth Financial website.