It still pops into my head whenever I hear the name Patrick. The part where the wife holds up the hand written note, “Medical?” makes me howl—probably because my mother does the same thing to my dad, but instead of writing her “helpful” questions and comments, she silently mouths them, often with wild hand gestures. Also hilarious.
But you know what’s not hilarious?
Pardon the blunt redirect, but as the bearer of young children and an overactive imagination, I spend a lot of time contemplating the future; which often includes various scenarios regarding my death. It’s morbid I know, and I literally have to make myself cut it out or I end up breathing into a paper bag.
It’s just the idea of not being here for my family. I can’t stomach the thought of leaving them. I may not have the power to control that, but I do have the power to set up my family financially in the case of me you-know-what-ing.
My husband and I recently updated our wills and also rejigged our life insurance policies. Now that I’m amply insured, my husband jokes that he might slowly try to poison me.
Also not hilarious (but kind of).
Obviously death isn’t an enjoyable topic. But, if someone (your kids, your spouse) depends on you financially, it’s a subject you need to address sooner rather than later. In the event of a tragedy, life insurance proceeds can:
- Pay for funeral costs
- Help pay the bills and meet ongoing living expenses
- Pay off outstanding debt, including credit cards and the mortgage
- Continue a family business
- Finance future needs like your children’s education
- Protect a spouse’s retirement plans
In a nutshell, life insurance provides cash to your family after you die. This cash, known as the death benefit, replaces your income and can help your family meet their financial needs and continue their standard of living. FYI—there is no tax on life insurance benefits.
Term life insurance is one of the most affordable types of Life Insurance that can be tailored to fit your family's needs and budget—you can get it for as little as $1/day. It provides protection for a specific period of time (the “term”) and generally pays a benefit if you die during that term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from university or a particular debt, e.g. your mortgage, is paid off.
Even if you’re a stay-at-home parent like me who doesn’t earn a traditional salary, you still make a financial contribution to your family by providing childcare, transportation, cleaning, cooking, and other household activities—the replacement value of which is often severely underestimated. With life insurance, families can afford to make choices that best preserves their quality of life.
I still contemplate the future in WAY too much detail. But now that I trust that my family will be comfortable economically, no matter what, I worry less.
*Until November 13th, you can be entered to win a Fitbit FlexTM activity tracker when you call TD Insurance for a free life insurance needs analysis*
Join the conversation online by following @TD_Insurance on Twitter—hashtag #InsuranceThatFits
Disclosure: This post was generously sponsored by TD Insurance, but the opinions and images are my own.