Are you a gambler? You may be more of a gambler than you realize!
Maybe you don’t bet your paycheck at the poker table, but if you’re not properly insured, you’re making a big gamble that can have very negative consequences.
You need to provide for your family
Dr. Solomon S. Huebner, the “Father of Insurance,” considered life insurance to be a moral obligation. Back in 1927, Dr. Huebner said, “Life insurance is a necessary business proposition which may be expected of every person with dependents as a matter of course. Life insurance is a sure means of changing uncertainty into certainty and is the opposite of gambling. He who does not insure gambles with the greatest of all chances and, if he loses, makes those dearest to him pay the forfeit.”
Why is life insurance so important? Because if something happens to you, life insurance can provide economic security for your family. It can provide the funds to pay off bills (including the mortgage), replace lost income, pay taxes, send the kids to college and much more.
You may need more life insurance than you realize
Many of the people I talk to are not gamblers…they’re just naïve about how much life insurance they need. For example, say you’re making $100,000 per year. You may think that a $1 million life insurance policy is all you need. After all, $1 million is a lot of money!
But do the math. If you want your family to be able to live the same lifestyle that they’re living now, after about 10 years they’ll be out of money. And if they put that million dollars into moderate-risk investments and planned to live off of the interest and dividend payments, it’s not going to produce $100,000 per year.
You may think you can deal with life insurance “later”
Other people I talk to think that because they’re young and healthy, they don’t need to think about life insurance now. This is foolish. Why?
You can become uninsurable – You can be diagnosed with a terrible disease and then suddenly find that life insurance companies will all turn you down.
You can die – Car crashes, random acts of violence and other tragic things happen to people of all ages.
My husband and I didn’t see ourselves as gamblers
I lost my husband when I was just 38. In an instant, his life ended and I was suddenly a widow and single mom. We had some life insurance, but it was woefully insufficient for my needs. Especially since I now had to find a new career – with no one at home in the evening to take care of the kids, I could no longer work my 3:00 to 10:00 pm job at my dance studio.
Things were even worse for a schoolteacher I knew whose husband died at about the same time. She had five kids and no life insurance at all. She survived but was poverty-stricken. It was not a pretty picture.
Don’t gamble with your family’s financial future
Whether you’d like to have an expert provide a second opinion on your current life insurance coverage or need help getting life insurance in place, give me a call. I’m here for you!
Easy to set up an appointment with me to talk about your needs and questions. Just click on “Schedule a Call” next to my signature. Find a time convenient for you.