We insure our cars. We insure our homes. We insure our tech toys. But, many of us don’t insure ourselves. It’s true.
It’s funny how things change once you get married. You are not only emotionally attached to your spouse, but you are also financially attached. When I got married, I never really thought about the impact our financial decisions would have on our future. I also didn’t start planning for our future early enough. I didn’t think about the need for life insurance after marriage.
I always carried the health insurance in our home. When I lost my job of 11 years in a call center years ago we lost the life insurance. Not wanting to get caught with our pants down, I looked into replacing the insurance with a small personal policy. The small policy wasn’t cheap, but that was mostly because I was morbidly obese and hubby smoked. But we by then had two children and wanted to be prepared, so we got it. A while after that I got another job. Life insurance was once again included. Money was tight (it almost always has been for us), so we dropped the personal policy. Then in 22011 all hell broke lose, so to speak. I got very sick. After all sorts of tests they told me that they were pretty sure I had lung cancer. While I was out on disability I lost my job. You know what I also lost at that point? That’s right, the life insurance. So there I was, with no income and no insurance, staring down what I thought was surely the barrel of a death sentence. Scary. Did I mention that hubby wasn’t working full time at that point? Well he wasn’t, making the situation even more complex. What would we do? How would we raise our children? Pay our expenses?
On the morning I underwent surgery I was prepared to lose one entire lung, and was terrified that the potential complications that had been described to me would pop up and kill me. I lucked out. They only had to remove half of my lung. I lucked out again when a few days later the call came in notifying me that I officially did not have cancer. I have not had health insurance, or life insurance, since I lost my job. Hubby recently got a full time job and once again next year we will have health insurance. He has life insurance through the job. I’ve already decided that a small individual policy for myself would be a good decision. I’ve lost weight and am much healthier now, so the insurance will cost less then last time I looked into it. The point here is this. Don’t wait for a scare to realize you never thought about life insurance. Have a discussion about what your plans for your future are. Take into consideration your current and future needs. Play with a life insurance calculator. If you get coverage now it’ll cost less then it would if you wait until later. Plus you’ll have some peace of mind.
This may sound funny, but after marriage but before our children we still didn’t always spend wisely. We didn’t even always communicate about financial decisions like we should have, like we do now. If you’re planning a wedding or are a newlywed I highly recommend maintaining a line of open communication about your financial decisions, including spending and planning for the future. That communication should include having the talk. No, not the sex talk. The other talk. The talk about what happens to your family if something happens to one of you. The life insurance talk. Why does it matter? If you don’t have the talk and tomorrow happens to not come, imagine the shape your spouse and family could be in. I have been there, and it isn’t a pretty thing to imagine.
Post presented by Genworth Financial