It turns out I don’t know as much about life insurance as I once thought. I purchased a 20 year term policy about 17 years ago, after becoming a single parent. I wanted to be sure that my son was taken care of, should something happen to me. I realize I should have had a policy while still married, but this was a step in the right direction for me. I remember when I made the decision to purchase life insurance, and quite honestly did not give much thought to my life insurance needs – instead focused on a monthly premium I could comfortably afford.
Fast forward 17 years later and my term policy is about to run out. I haven’t given it much thought the last 17 years. Did I have enough coverage to begin with? Will I need more or less? Should I switch from a term policy to a life policy? My now 26 year old son doesn’t have the same needs that he once did, but I want to also be sure that my mother is taken care of. How much coverage do I need?
I had so many questions about my life insurance needs, then I used an online Life Insurance Calculator. Not only did the online tool help me figure out how much life insurance I need, but it showed how much I should expect to pay as a monthly premium. It turns out that I have been very under-insured all of these years. If something were to happen to me, the people I care most about would have difficulty staying afloat.
It seems I am not alone in this deficiency. Statistics show that 42% American households with an income between $50k – $250k don’t even have a life insurance policy. Is your family’s financial future secure?
You might also be interested in: What Type of Saver Are You? and 5 Stay at Home Mom Budget Tips.
Life insurance is something I once had and no longer have. I know it’s important. I should probably look into it some more. Thank you for sharing.
I’ve unfortunately learned the importance of life insurance over the last year or two. It’s so important and one of those things that you may not make a priority…until you realize it’s too late.
Great tool! We have insurance for Hubs but need to get policies for me and the kids.
My husband actually has a Genworth Term life insurance policy to supplement his whole policy. It’s an affordable way to add a bunch of insurance just in case.
I have been thinking a lot about life insurance lately. I know how important it is. Time to get on it.
We have life insurance but I don’t think we have enough. I think we need to update it ASAP! WE have four children now and there is no way that I could raise my kids on SS and the life insurance we have now.
We have term life insurance policies on both of us.
Wow, it’s so funny how quickly 20 years can go by though it seems so far in the future. Life insurance is has been a priority for my husband and I. We’ve seen too many families suffer extra financial burden when they lose a loved one unexpectedly. We’re rather not add to that pain for our daughter.
You’re not kidding, TerriAnn! It’s hard to believe 17 years has past since I purchased that policy.
Nope, I don’t have one. Guilty as charged.
We have life insurance. But I am clueless as to what it all entails… my husband is in charge of that 😉