Providing a Safety Net for My Family with Life Insurance
- Director of Operations at a mid-sized manufacturing company
My wife and I have two boys who are getting ready for college. When our first son was born, I wanted to make sure we had life insurance coverage, and this became even more important when our second son was born. I wanted to make sure my wife and kids were taken care of financially if something were to happen to me.
My father passed away from lung cancer at age 46. He loved my mother, sister and I tremendously, and he wanted to make sure we had money to stay in our home, complete our education and pursue our interests, such as our passion for skiing. Without the money we received from my father’s life insurance policy after his death, things would’ve gotten difficult, since my mom’s income alone couldn’t support our family. Luckily, he thought of us and made sure we were taken care of in dire times.
I recently took a new job closer to home. While my new employer provides basic life insurance coverage equal to 1x my salary, I didn’t feel that was nearly enough to pay for my funeral, cover the kids’ tuition and the mortgage, and give Lisa a financial cushion. After talking with my wife, I ended up buying an additional 6x my annual salary of coverage, which we felt would be a good safety net should something happen to me. The cost was far less than I’d pay if I tried to buy coverage on my own—and there was no lengthy questionnaire or medical appointment needed. I just had to fill out a short form answering some health questions.
I was also able to purchase coverage for my wife. While she works full time as a teacher and has basic life insurance from her employer, we compared costs and felt that it was less expensive for me to buy coverage for her under my employer’s plan than for her to buy extra coverage under her plan.
While I hope that we never have to use our life insurance, both my wife and I feel better knowing that each of us, as well as our children, will be protected if the worst happens. Our family is our life, and we did what we felt was best for our family’s safety and well-being. I can sleep soundly knowing that.
*Information edited for privacy