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I was talking to a friend yesterday who, like many of us, is trying to compute how many additional years he will have to work to make up for the money he has lost from his assets over this past month. He calculated that he would have to work an additional 1.5 years to make up his losses just over the last two weeks.

He jokingly went on to say that the good news he will only be 111 by then and should still have a few good years to enjoy his retired life.

I know the state of our economy is no laughing matter and that for all of us who have been working long and hard for everything we’ve socked away, this last month has had kind of a smothering effect on our collective psyche. I know after the AIG fiasco, there might be a few skeptics out there when it comes to insurance, but the truth is that life insurance is an inexpensive way to make sure that your retirement plane really doesn’t go down in flames.

I know the closer you are to needing that money, the rougher things look. They keep saying that if you have 10 years before retirement, don’t worry, be happy. So what happens if you’re not worrying (which I recommend) and are being happy (ditto on that) and you die and your spouse is left without your income and a retirement fund that has taken a direct hit with a small nuclear weapon?

The answer is life insurance. And if all of the experts are right and 10 years will make the difference, good news…..10 year term insurance is the least expensive product out there. If you don’t trust the experts, take out a 15 or 20 year term policy. For the huge protection you can buy, the outlay is minimal especially considering the alternative.

Bottom line. Do your own bailout and make sure your estate, your networth, your nest egg, is protected.