09/08/2022
She’s 34, he’s 37. Three kids. Combined income $134,000 annually. $278,000 left to pay on their home.
If one of them dies prematurely, the other gets 3x annual salary from a plan through work. They are very comfortable with this. “She can pay off the house,” he says with confidence.
And then what?
On $38,000 a year she raises 3 kids and still has to pay property tax, home and auto insurance (with teen drivers coming up), food, clothing, co-pays on medical and dental, gas, etc, etc. And the wild card is health insurance - what if her portion of the premiums goes up or she has to change jobs?
What do vacations and saving for college look like in this scenario? Definitely different.
And she still has 30 years to go until retirement. Probably more now.
This is National Life Insurance Awareness Month because of the very typical situation I described. Most of us get 1-3x our income at work, but financial experts recommend 10x - 15x.
Is it expensive? $20-$30 a month if you’re in good health can buy $250,000 or more from a company that has the assets to survive the next recession or even a depression (be wary of companies you’ve never heard of before who put your premiums into risky things to save you $5).
It probably won’t happen to you. But on the other hand, there are a half-million GoFund accounts for that very thing. More likely than dying young, your health will change rendering you higher risk or even ineligible when you’re in your 40’s or 50s and these things weigh more heavily on your mind.
I love my family above all else. I have private life insurance, It’s a good feeling. It’s my responsibility.
Life insurance is “I Fund Me.” Life insurance is love insurance.
Thanks for reading - contact me.
Thomas Loughlin - State Farm Insurance Agent -
(845) 295-1000
(518) 249-5000
Call (845) 295-1000 for life, home, car insurance and more. Get a free quote from State Farm Agent Thomas X. Loughlin in Saugerties, NY
