Talking about your eminent demise isn’t likely on your list of conversations you want to have with your spouse.
Personally, thinking about death gives me panic attacks. It makes me so anxious that it literally keeps me awake at night. I don’t like thinking about it too hard because I become incredibly depressed.
Part of being married, though, is to have hard conversations.
C and I were married less than three years when my brother-in-law passed away in a car accident. Tragic and sudden accidents have a special way of making you think about your own mortality. One of the results of Sean’s death was my realization that C and I were incredibly unprepared if either one of us were to die suddenly.
We had no life insurance other than what was offered through his job, no wills, no plans, nothing.
Something we had been putting off talking about became very, very real.
A couple of weeks later, I emailed a friend who was just getting started in the life insurance business and told him we were interested in a life insurance police.
And here’s where I put a disclaimer:
Nothing I say here should be taken as official advice.This is just what we decided to do after having discussions with people far more knowledgeable than us. You should do the same.
C and I don’t have a lot of assets, but we do have quite a bit of debt (thanks, student loans!!!!!). Our fear is that if one of us passed, the other would bear the burden of the shared debt we left behind.We wanted a policy that would cover this debt, whether it was officially shared or not.
In our family student loans count as shared debt even though we didn’t take the loans out together. Do what works for you and your family.
We wanted there to be enough insurance to cover basic expenses for a reasonable amount of time until a new normal could be established.
Because we’re young and healthy, albeit overweight, our policy premiums are reasonably affordable. The older you get, the more expensive they become.
I hope that I can say my premiums are a waste of money. I hope I won’t have to use this policy any time within the next 50 years. I hope it will be all for nothing.For now I have the peace of mind knowing that my family will be taken care of if something does happen to me.
That, right there, is priceless.