Three life lessons about life insurance
Life insurance is the theme of dancing in my life for many years. A simple dollar has even written a guide to life insurance. But there are three stories about the times when life insurance has impacted my life and the precious lessons I have taken from that experience.
Childhood Health i do not know how often I mentioned it here, but I spent a lot of my childhood in and out of the hospital. I had a long list of very severe surgeries that attempt to correct eye problems, ear problems, hernias and some other medical issues. My parents are not very ready. They had fairly good health insurance, so medical costs did not ask them, but they had two very healthy sons before. Having a relatively unhealthy child was an experience that did not know how they could cope.
After repeated medical fears associated with head tumors, my parents really began to worry about costs if they suddenly left. I have been through a lot of medical procedures and I never want to think about leaving my child, but I know it’s at the forefront of my parents’ mind.
When asked around, they found a person who would put a universal policy on life, but there was a huge premium. It was an expensive pricing policy and might have been far from an ideal choice, but we needed some protection if something unthinkable happened.
When we put all of these back into adults, two things came to mind.
First, some form of life insurance is necessary if you have dependents and can not be sure of what to do if you suddenly leave. I will be the last person to specifically recommend policies, but I know that many people are financially capable of unstable financial conditions (and I know where my parents were at the time) and unexpected acceptance. vicious. Do not let it happen to you.
Naturally, you do not need life insurance if you are confident that you can afford to pay for your dependents and that future finances will be safe without them.
Second, get insurance for your child early. If you can not even think about it, it is dangerous to go through it every day if you can not afford the costs. It can be difficult to insure because there is a risk that the medical condition as well as the risk of that kind of occurrence will occur. It almost happened to me.
Unexpected passes can be financially fatal. Do not do that to you.
Dodgy Salesman Sarah and I began to realize how important it is for us to have life insurance when we have children. So we started shopping about policy. We found various estimates online and we also met an agent.
One agent we met was a friend recommended to us. At first he seemed to pay attention to our concerns. We just wanted a long term policy for ourselves (we did not want any kind of investment policy because we prefer to invest independently). And we were very confident about the amount.
After nodding, the agent sold it hard. He pushed us hard to buy some sort of policy that did not interest us. He spent at least 30 minutes as a powerful example of policy.
Sarah had the benefit of doubt as a salesman recommended it to one of her friends. She listened to him. On the other hand, I was irritated from the beginning. He obviously wanted to sell us, no matter which package got good commission. A good cost-saving rule is to expect the agent to push the policy that may not always be the best for you.
We left the office and on the way out, we dropped the agent’s card and the documents he gave me in the trash.
Here are two things to note explained below
If you are shopping around for insurance, know what the insurance type is and find out for yourself what is right for you. Know what you really need and know what you want. Define exactly what you want your insurance to cover, then find a policy to fix the problem. Identify conditions that can be thrown to you and investigate any exclusions and loopholes that may apply to you. The best way to do it is to do research in my opinion. Go to the library and check out a book on insurance and a simple dollar expert, check on Google to see what’s happening in the insurance industry. Do not choose a policy without homework. Know what it all means and what it needs.
If someone tries to sell something without telling you what your needs are, go away. It does not matter how good the sound is and how perfect the salesperson is trying to say it. If you have studied the question, you know what you are looking for, and if you want to push you into something else, leave. There are many other policies at sea, many of which do not include violent salespeople.
If someone ignores what you say and wants to sell something else,
Unfortunate death person I admire and cares was not all that long ago. This man had several descendants, who had gathered together and had their belongings. They knew they had big life insurance, so I called the agent to find out more. What they found was pretty shocking. The beneficiaries of the policy were still alive, but in reality they were away from the family. The person appeared and grabbed a rather large check and disappeared into woodwork.
Of course there were other assets in the real estate, but the whole experience had a very chaotic time for the whole family and I felt strongly that this person’s true final wish was not really followed.
Yes, it’s ambiguous here – intentionally – there are friends and family reading this site.
When I heard all of this, my initial reaction was shocking, but then it turned to my own policy and concerns about the policy they were interested in.
Here are two key lessons:
Up-to-date information on policies. Please check regularly. Please say once a year. Make sure that the beneficiary and other options are exactly what you want. In the end, life insurance will not be an opportunity to do the right thing when it’s too late.
Participate in the planning of your loved ones’ wealth. If you have strong ties with your parents or grandparents, suggest that you help them to do what they want. Make sure that you do not care who your beneficiary is and you want to help them take care of their wishes. This can create a world of change.
Final thoughts life insurance is something nobody wants to think about. But it’s something we should think about, and if we take care of it, it’s actually something that affirms life.
For me, it’s a good idea to know that if something unexpected happens to me, my children should take good care of it. Sarah would be able to handle raising themselves without major financial worries.
Simply knowing that fact gives me a lot of value and relief. We studied the problem and found that we had the right kind of insurance (life insurance in our case).
Thanks to a responsible and active attitude, you do not have to worry a little more.