As a parent of young children, it is my responsibility to make sure they are taken care of both emotionally and financially. There are food expenses, clothing costs, and so much more associated with caring for kids. I have been thinking about what will happen to them if something tragic should occur with my husband or me. Last fall when my in-laws almost died in a motorcycle accident, my fears became a reality. In order to make sure my kids will be taken care of in the event of an untimely death with my husband or me, I have decided that life insurance is a smart financial move. This is what I will spend to cover us both, where the extra money will come from, and why it is a good idea.
Why I think we need it
I lost my mother at a young age and I saw how my father struggled with trying to raise me and my sister. My husband and I are not getting any younger, and I don't want anything to leave us strapped for cash if some freak accident should happen. I want my children to live a comfortable life, and they deserve nothing less.
After shopping around for quotes, I settled with a company that had decent rates and excellent customer service. I was able to get two policies, one for myself and one for my husband. After we chose the amount of coverage we wanted and factored in all our health concerns, we were given a premium amount. Between both policies we are spending just under $48 a month. Our yearly total will be $576.
Where the money will come from
Thankfully we are still at the beginning of the year and we can actually pay for our year of life insurance in advance. After putting away the majority of our income tax away for our house, we still had money left for bills or emergencies. Life insurance is something we both need and the money is being well spent. The way the payments fall, this will be easily paid each year with our refund. It will allow us to be worry free when it comes to making the premium payments each month.
Life insurance is an important part of planning for a financially stable future for those you love. I can't imagine what would happen with my children or husband if something happened to me, or how I would be without my husband. This is one step in the right direction for our financial future, and I am glad it is all worked out.
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