Life Insurance Protects Tomorrow’s Needs For Today’s Children
My daughter, Kailey, was just six years old and learning to ride a bike without training wheels when her father passed away.
He had a high-risk job as a federal law-enforcement agent involving a lot of overseas travel. While life-threatening danger was always part of his job, he died unexpectedly of heart disease. He was only 46.
His death was a complete surprise. He worked out regularly, ate healthy, and had annual physicals. He had never been diagnosed with any heart conditions and never showed any signs of heart issues.
Unfortunately, he didn’t believe in life insurance.
Every time I brought up the subject, he didn't want to talk about it. Although we divorced the year before his death, part of the agreement was that he purchase life insurance for Kailey’s financial support in case of his death. Knowing his beliefs, I didn’t force the issue.
When he passed away, Kailey received some funds from his life insurance and 401(k) through work. These have been invested and will help pay tuition when she goes to college. Fortunately, we don’t have to use this money for day-to-day expenses.
As an insurance agent, this has shown me personally how important it is to consider rising college costs when families calculate their future financial needs with respect to providing financial security to their family.
I’m even more passionate when I think about the future and not just the present. According to the College Board and a May 13, 2013 New York Times article, tuition and fees at state colleges increased 72 percent – 29 percent for nonprofit colleges – from 2001 to 2011. If something should ever happen to a parent who plans on sending their children to college, a well thought out life insurance plan can help their family realize that dream.
No life insurance policy can replace the loss of a loved one. It can however, replace their earning power to ease future financial challenges.
For the sake of your family’s future plans and dreams, talk about life insurance today. Eight years ago, I learned the hard way that tomorrow may be too late.