Do you need life insurance? Want life insurance that makes sense for your life? I’m talking about ways to find life insurance that is right for you in partnership with Ladder.
Life insurance. We all need it, none of us want to talk about it. Why? Because it’s the worst case scenario. It’s uncomfortable. It feels taboo. And yet, it’s so important that we do. Statistics tell me that if you’re reading this, there is a 90% chance you’re a parent. So, from one parent to another, here are 5 tips to take the pain out of life insurance.
Yep. Death is expensive, emotionally awful, exhausting for those dealing with it and tricky. So, plan A, never die! Plan B, have life insurance.
Know why you need it.
Whether you’re single, married, in a committed relationship, a parent, a stay at home mom or dad, the parent of a special needs child or some combination of those things, you need life insurance. Whether you are the primary financial breadwinner or the primary caretaker in your family, what you do counts.
If you are the primary caretaker, like me there is a significant financial cost to doing what you do if someone else had to do it. Even if you don’t make a dime for playing mom or dad, no one else is going to kiss those boo boos, pack those lunches, give those baths and most importantly BE THERE for free. If your family is pretty close to a 50%/50% split or you’re a single parent well then I don’t even have to explain this. You know.
Okay, breathe. We’re gonna do this! Ready?
Know what you have.
Maybe you or your spouse has life insurance through work. It was in the paperwork somewhere so you’ve considered that box ticked. NOPE. In most cases, company issued life insurance is a couple of times your salary. It sounds nice if you’re single with no dependents, but it’s not going to cut it if you have a spouse, a mortgage, a family, etc.
Maybe you were ON IT when your first child was born. You got life insurance and you’re set. Wait. Did you have another child like we did? What was enough for one is probably not enough for two. Okay, it’s almost certainly not enough for two.
Find out what you have, if anything. That’s your jumping off point. Don’t have anything? Don’t beat yourself up. You can change that. But change it!
Calculate what you need.
Your best friend in this process is a great calculator tailored to your needs. I love the life insurance calculator from Ladder. Whether this is your first rodeo with life insurance or a check in to see if you have enough coverage for how your life is NOW, I’m a fan.
Enter how many kids you have, their ages, your mortgage (if you have one) and a few other details. The calculator is simple and guides you through how much you might need. Plus if you’re like me and like to play with the numbers to see different scenarios it’s easy to pop back and forth and recalculate.
Realize it can be affordable.
True story, I spend less on life insurance each month than I do on organic fruit. Life insurance can be very affordable, especially if you are young and healthy. So get it as soon as possible instead of waiting!
I love term life insurance because it’s relatively inexpensive and is built to give you coverage during the years where you would need it most, like when your children are young. As parents, most of us are really looking to cover the period from when our children are babies until they graduate college. Those are the years of our greatest responsibility.
I’ll gladly pay a few thousand dollars over the years to have hundreds of thousands or millions of dollars of coverage should my family ever need it. And I really hope they don’t because I’m enjoying this crazy ride. But admittedly, I sleep better at night knowing they’ll be taken care of financially in my absence.
Just get it done.
Life insurance is one of those things that doesn’t pay to wait on. With term life insurance it’s quite straightforward. The younger and healthier you are, the less expensive it is. I personally don’t like the hassle of dealing with agents when it comes to anything. Car insurance, health insurance, life insurance, etc. If that sounds like you then Ladder might just be what you need.
You can calculate how much life insurance you need and get a quote in a few seconds from Ladder. Next you can figure out how much you are comfortable spending and the term you ultimately want to go with. That’s it. Easy, right?