Okay, just kidding.
It might not be invigorating, but it is something that I wish people would talk about more.
Why is that?
Because far too many people still don’t have any life insurance at all, and if they do, they don’t nearly have enough.
Often times, I see people that have $50,000 to $100,000 of term life insurance either through their employer or that they purchased themselves and they think that is enough.
Newsflash: It ain’t!
If you have a family, with kids, if you have a mortgage, if you have consumer debt, student loan debt, I promise you that $100,000 is not nearly enough, and I will even be bold to say that $500,000 of term life insurance isn’t enough either.
I have shared my story about the progressions of me buying more life insurance as my family grew.
After I got married, $250,000 at the time I thought was more than enough, and it probably was. After our first child, I added an additional $500,000 and after our second child, I really ramped it and purchased another 1.5 million dollar 30-year term life insurance policy, for a grand total of 2.25 million dollars.
For the longest time, I thought that that was enough, even after the arrival of our third child I still felt that my family would be protected in the event that something were to happen to me. I’m not really sure what triggered it, but I started to get the life insurance itch again, thinking man, do I really need to buy more?
With my wife and I starting the adoption process for our fourth child, I thought it at least wouldn’t hurt to look into it. We have other assets, retirement accounts, savings, equity in my business that my wife could always liquidate, so I know there is other assets there, but I thought it wouldn’t hurt to at least shop around and see if I could get more life insurance; I didn’t expect that I would also be able to save a pretty penny.
By using the quote engine like you see here on the site, I was able to find out that I can actually get a 2.5 million 30-year policy and save over $400 a year for doing so.
The previous policies had been purchased over an eight year period and apparently life insurance rates have gone down enough and by consolidating, I was able to save a decent amount.
Here is my challenge to you; do you really think you have enough life insurance?
If you are the breadwinner in your family and something happened to you, is the amount of coverage you have going to take care of your family? Will it help pay off the debt? Will it help ease the financial burden that your spouse may have when she is forced to take care of the bills, take care of the children and help pay for their college?
There is so many other things that people don’t realize that occur after your passing. If you have got the itch, use the life insurance quote engine below to see how inexpensive it is to get more life insurance coverage today.