For the longest time, I hated paying for insurance. It seemed like a waste of money. You pay a company a monthly fee just in case something were to happen. And life insurance, do I really need it?
However, I remember when I got in my first car accident. I was delivering pizzas in college and a car in front of me decided to make a left turn immediately after passing through a green light. It wouldn’t have been as big of a deal, but the guy did not pull all the way into the center lane. This left the right rear of his bumper still in my lane.
I thought about moving over one lane, but there was a car on the other side of me so I couldn’t. I ended up clipping his bumper and doing everything I could to not hit another car.
At that moment, I was flooded with emotions of fear and anxiety.
I was just a college student, how I was I going to pay for the repairs?
I had never had $1,000 in a bank account and even paying for things in college was a struggle; that is why I was delivering pizzas in the first place.
Between the two cars, the cost was thousands of dollars.
Well, thankfully I had car insurance, so they paid the guy directly for his damages. I decided not to get my car fixed because I still had a thousand dollar deductible.
Why do I tell you this?
Because if I did not have insurance, I would have had to pay everything out of pocket with money I did not have. This is why insurance is so important. The whole point of insurance is to transfer risk from you to someone else in the case unexpected events happen. Whether it be a minor car accident or a tragic accident that changes the course of your life forever.
This is where life insurance comes in
When I got married, I realized that I was now responsible for not just me but my wife as well. I want to make sure that she is taken care of which includes her financial well-being. Then fast forward some years, we now have a newborn baby girl and a two-year-old boy. So not only am I worried about my wife but now my two kids as well.
If something happened to me, I asked myself:
‘Would my wife have to work three jobs just to keep things afloat?’
‘Would my kids be able to go to college without being saddled with student loan debt?’
‘Would they be able to live in an area where the schools are good and get a quality education?’
‘Would they have to downsize from a house to an apartment?
‘If so would they have to get rid of the dogs?’
‘Who is going to raise my kids if my wife is working three jobs’
Have you ever asked yourself these questions? Or maybe similar questions about how your family would be affected if something were to happen to you?
These questions were enough to motivate me to find out how to protect my family if anything were to happen to me. When I started to do my research, I found that there are two main types of life insurance: term and whole. I found that whole life insurance is high in fees and is more of a permanent product where term life insurance is very low-cost and for a selected period of time.
Why I went with term life insurance
My goal is to become self-insured where I have enough money to take care of my family without needing life insurance. However, that will not happen overnight. We have a mortgage that we plan to pay off in the next five years and we do not have much in terms of investments at this time, so we need a short term solution. And by short, I mean twenty years.
There are many companies out there that provide term life insurance and I found the best way to get a quote is through using a tool called Policy Genius. They don’t sell life insurance themselves, however, they will get you real-time competitive quotes from several life insurance companies, some you already know and some you probably never heard of. Literally, within 2 minutes you can get a quote like I just got below:
This is for A $500,000 life insurance policy for twenty years for less than $25 per month. Most people spend that eating out just one time per week!
Why do we pay to insure things like our homes, cars, heck even airline tickets or shipping things in the mail? But we don’t put a priority on protecting the things that matter most.
When I think about the importance of protecting my family, this is a small price to pay to have peace of mind that they will be covered if anything were to happen to me.
Is your family covered in case something were to happen to you? If not, don’t put this on your to-do list for next week. Click here and take two minutes to protect your family TODAY.
Do you have term life insurance? If not, have you ever considered getting it? Let me know in the comments below!
Note: Every persons’ situation is unique, so you should consider talking with a licensed professional when making serious financial decisions. Also, it is worth noting that getting a quote will take around 2 minutes but the process to get life insurance will be longer than that. Each company will have its own process when it comes to issuing the actual life insurance policy.