An enterprising life insurance broker in the U.S. has pioneered the idea of Wednesday August 2012 as being the first official “Life Insurance Movement” day. That broker, along with over 100 other life insurance brokers who actively blog, are all writing a post on “why life insurance is important for my family”. The intention is for our community to enlighten, educate, and remind consumers of the importance of life insurance for our families.
As a family man, life insurance is one of the cornerstones of our financial vision. It ensures that no matter what, my kids will be able to go to university, that my wife will be safe and comfortable in her retirement, and guarantees that our children will have an inheritance.
Of course, in order of priority, we need to worry about tomorrow first – that’s ensuring that my family can continue their standard of living should I die, that the kids can go to university and my wife can simply return to working outside our business and remain self-sufficient.
Because most of these needs eventually go away (the kids finish school and get a job instead of counting on the bank of Dad) the solution is of course term life insurance. While I own a variety of life insurance policies, the largest amount of coverage I have is with a term life insurance policy. I expect to let this portion of my coverage lapse in the future once our retirement is secure and the kids are no longer dependent on me.
So that’s why life insurance is important to me and my family – how is life insurance important to you?