This is a zero fluff post. As Dave Garland puts it, if you want fluff, go pet a bunny.
Not only do I believe that everyone needs to have a life program in place, it is WAY more important for young families, and exponentially more important still for single parents to plan.
What single moms and dads really need to do is get something in place while the opportunity still exists. Yea, I hear you saying, "I really need to..", just reach out and start! You may not be insurable next year, month, week.. you know where this is headed.
Simple fact, you sign today and change your mind within 45 days. You lost nothing and were covered during that time.
Step 1: We need to get something in place that we can make changes to as your needs change and continue to get more settled.
We know that we want your child to have a small policy for a few reasons.
- You need to enter into a life program now before something happens (a team member of mine just had a son diagnosed with Type 1 Diabetes, thankfully he already had a policy in force because now he is uninsurable.)
- Purchasing a policy for your child can be something that will accumulate tax deferred wealth that will give you the option to later transfer ownership. (Maybe as a graduation present)
- With the Guaranteed Insurability Option on a Universal Life Policy, you can increase coverage at 11 different option ages (even if completely incapacitated) without any underwriting.
I just did one of these polices for a friend’s three year old and it was $16 a month, and has a $50,000 death benefit. It’s not about ‘making money’ if something were to happen to your child. It's in place to help with medical costs should the worst happen and to help with medical costs. Having a life policy on a child also provides the ability to be insured for their own family should something surface in their health that would prevent them from purchasing their own policy.
We also need to get YOU a life policy for a number of reasons:
- You have a child that is going to be in the need of financial support should something happen.
- A life program can take care of your remaining debt and other personal financial obligations (loans, mortgage, credit cards, etc.) leaving the legacy you intended to leave behind intact.
- Your child wants to go to college (tuition projections just for next year are about $100k for a 4 year school, and that’s for a state school.)
Obviously I could go on for a while about the benefits of you both being in a life program. What's next?
Step 2: What really needs to happen is for us to sit down and talk. If you're curious about how much insurance you need, try this tool.
Please stop putting it off, you really have no idea what lies in store. Most of these policies I'm referring to can begin with nominal costs to young families!