This is the 4th in a series of posts about money that have been inspired by Genworth Financial. In the previous posts I shared a bit about life insurance, how to budget for it, and why it’s so important to us as a family.
Money: Peace of Mind – Worth Every Penny
I’ve told you a bit about why my family believes life insurance is a must-have. We’re committed to making it a priority – it’s an expense comes out before we even think about entertainment or extras. We made that commitment as a young couple back in the 80’s and yes, there were years that we ate mostly macaroni and cheese to be able to afford both health and life insurance, but it was that important to us.
Unfortunately, when you’re young is when you need it the most. Life insurance is for those you leave behind and while no one likes to think about that, it does happen. My young niece lost her fiancé and the father to her daughter in a freak accident when he was in his twenties. Death can happen to anyone at any age. Without life insurance there’s an uncertain future ahead as the survivor has to figure out how to make it with the loss of income. It’s hard enough dealing with the death and grieving; having creditors knocking at your door is just too much.
Money: Life Insurance Calculator – How Much Do You Need?
But how do you know how much life insurance you need? It’s based on your age, your income (the amount that will need to be replaced should you die), and your commitments. Genworth has a Life Insurance Calculator that will help you figure out what you need, the type of insurance, and then help you budget for it. It’s nice to know there’s help available – we just winged it and we have 4-5 different insurance policies. Probably not the best use of our money, but I told you, we wanted to be prepared in case something tragic happened – luckily it didn’t!
Our needs have changed as we’ve gotten older and we’ve used the Life Insurance Calculator to see how we should change our outlook now that we no longer have a family to support.
Ready to learn more? Visit the Genworth website or read more here:
- Types of Life Insurance
- Getting Knowledgeable on Life Insurance
- What Is Life Insurance? An Overview and Conversation Starter
- Women are Not Buying Enough Life Insurance
Where are you with life insurance?