Keep Life Insurance Top of Mind and in Force
I’ve had my life insurance policy since my parents purchased it when I was a year old. I actually didn’t know about it until I turned 18. The whole life policy was a gift from my parents, the same way my grandparents purchased a life insurance policy for my mother and told her about it when she was 18. I’ve also purchased life policies for my children and grandchildren, although they are aware of them.
As a result, from an early age, I’ve known life insurance is a “must have” – and I learned its value and how to manage it financially by understanding how a policy works, keeping up premiums, etc.
When I married, I knew my now-late husband had a life policy from another life insurance company. During the 15 years we were married, he was the one in the household responsible for paying the premiums. He became sick in 2009, and was hospitalized on and off for eight months. I never gave a thought to checking to see if he had paid the premium. He passed away three weeks after he returned home.
In checking on the life policy after his death, I found out the last yearly premium had not been paid. At the same time, we received a bill from the hospital for more than $275,000. The funeral had to be paid for by the family, as did a portion of the medical bills and the remaining mortgage. Luckily, we were able to use retirement funds. But if they hadn’t been available, it would have drained all the funds from the family savings very quickly. As it was, it put a strain on all family members, including my husband’s three children, at a time when stress was already at its highest.
All this could have been prevented.
While this was an almost-drastic situation, I’m telling my story about how important it is to have, and to keep, a life policy in force. In my job as a life-licensed agent assistant, I’ve heard many real-life stories that didn’t turn out well because a customer didn’t have life insurance.
If my story touches one person and inspires someone to get a life policy, or keep their existing life policy top of mind, I will be happy.