I was reading this post written in 2012 and decided, for several reasons, that it was still a very valid message that needed updated and restated, so here you go!

In Life Insurance Someone Needs To Take The Lead

Studies showing that there are 46 million adults who believe they need life insurance but still don’t have it. Is it because life insurance is an uncomfortable subject or is someone waiting for someone else to take the lead? Like so many subjects in families and businesses it is just plain prudent to bring it up and have the discussion. You may decide that life insurance is bogus, but with all the facts you may realize that it is practical and affordable to ensure the financial future of your family or your business.

There is no standard family model (one income with stay at home spouse) anymore. That may be your case, but there are two income families and single parent families. However your family is shaped it is safe to say that a death of a breadwinner is going to change everything for the surviving family. If we take the old standard family model and assume there is one spouse working and one at home, with a few kids, then it becomes kind of a no brainer that the breadwinner should have life insurance to replace that bread they are winning if they die.

So, Who Is Going To Break The Ice?

This begs the question, “Which spouse doesn’t get it?” I know I go off on men….a lot, for not being proactive about life insurance, but that’s not necessarily the way guy’s brains work. Would we take a bullet for our spouse? Would we step between our spouse and a charging bear? Would we do everything in our power to take care of our family in sickness and in health? I think for most of us the answers are yes to those life and death things that assume we’re still there. But that doesn’t mean it would occur to us to buy life insurance so that if we weren’t here our family we love so much they would still be taken care of. Money won’t take care of the bullet or the bear, but life insurance will make the family financially whole again and able to get through the rough times and everyday life, both of which depended on your income.

So, there are generally two adult brains in these kind of relationships, so if it doesn’t occur to one, what about the other spouse? I finally came to grips that often my spouse is more intuitive when it comes to these things. They know you’ll take the bullet for them, but then they also understand that you are somewhat dead after that heroic gesture. It won’t be long before reality is driven home. Final expense bills come due and medical bills and when the final paycheck runs out, the rent or mortgage, food and other living expenses keep right on coming. We’ve all seen the newspaper articles saying that an account has been set up at a local bank to help the family or a GoFundMe account is set up. We all know that the chances of significant money being donated is relatively slim. So, obviously, if one spouse doesn’t start the conversation, the other needs to, in case they really are married to someone who would jump in front of a bear.

The Solution!

It kind of reminds me of that saying, “Lead, Follow or Get Out of The Way“. No matter who initiates the life insurance conversation and whether your situation resembles one family model or another, someone has to break the ice. The conversation is vitally important and has to happen. It is way too easy and far too inexpensive to get life insurance in place. If you want to impress your spouse, just go get it done. Let your spouse know what life insurance means to you. I had a client recently who asked her husband to buy life insurance for their anniversary present and keeping it in force was all she wanted for future anniversaries.

Once the lines of communication are open, cover all the bases, because whether the second person is a homemaker or a second breadwinner, life insurance is financially justified. Single parents should either just boldly move ahead or, have this important conversation with a trusted friend or relative.

Bottom Line

We all know that death isn’t always fair and doesn’t always happen when we’re old and worn out. I’ve had a lot of clients die over the years and and the average age was 48. We’re not talking old folks although one, a business partner, was 82. His policy made the succession of the business flawless and paid his family for his half of the partnership. But mostly these deaths were tragically unexpected. Way too soon. But for these there was life insurance and a chance to get the family feet back on their feet financially and move ahead. If you have any questions, or aren’t sure how to approach the subject of life insurance in your relationship, call or email me directly. My name is Ed Hinerman. Let’s talk.

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