Misunderstood: The importance of life insurance

Misunderstood: The importance of life insurance The summer of 97 shown itself to be very profitable for Megan a self-employed homemaker. It seemed as if she couldn't keep up with the orders for her homemade soaps. She stated to a friend that the rush of the business reminded her of when she worked for an advertising agency years before her marriage, kids, and divorce.

She quit her last job because she wanted to stay home with her two children and have a slower paced life. In exchange for this slower paced life she left behind that firm's hefty life insurance plan she had for herself and the kids. She didn't worry about her loss because it was "just" life insurance and at the time of departure she was covered by her then husband's insurance.The 36 year old Megan didn't live to see the final sunset of summer. She died on her livingroom floor from heart failure.

The hardship of losing their only daughter at such a youthful age was difficult for Mr. and Mrs. Donachek but to struggle to bury her had emotionally and financially drained the couple. Both the husband and wife were retired on fixed incomes, although they lived comfortably they couldn't afford to bury their child. Years ago when Megan was a pre-teen her parents had her in a fifty cents a week insurance policy valued at five hundred dollars. Was there ever a time a person could get buried for $500?

The moral of this story is to plan for your death so as to not burden those you leave behind with the expense of funeral costs. At one point in my life I worked as a financial consultant with an insurance company and I know first hand how difficult it is to talk to persons about death and insurance. As single women we must make provisions for ourselves and yes that includes our death arrangements. Morbid? Depends on who you speak to but I must say personally I think it's realistic. What's the saying, we can count on death and taxes? Frankly I think taxes is a harsher word than death.

This article is not to give insurance advice but to merely advise those of you who have yet to take your mortality seriously something to think about. Those that are parents keep this in mind, when Megan died not only did she not have financial provisions for her burial she left no support for her kids futures. I don't believe any caring mother would abandon her children but unknowingly Megan did just that. Insurance have more benefits than just the burial aspects, the money can be used to help support your loved ones, such aging parents, kids education, and the paying off your debts. Just because your dead doesn't mean the persons you owe shouldn't get paid.

I had never met Megan but I've met many women like her. These are decent hardworking people who have the mentality,"I won't worry about that right now!" or worst yet,"let my family deal with it whenever it happens". Remember ladies, leather spinsterhood is about being responsible for your own life, your responsibility is to provide everything required to help you lead a full life and yes it includes death. If you weren't a financial burden to anyone alive why be one in death?

Have insurance? When was the last time you verified your policies were enough to provide adequate burial for you and provisions for your loved ones? Don't be afraid to examine your policies from time to time, this way if you need to change some information you'll have an opportunity to do so. What information? How about who's listed as beneficiaries, that information can change over the years. Now I know you wouldn't want a ex-boyfriend to benefit from your death and not your kids right?

Have children? Look at your policy to see if your children will be left with money for education and in Megan's kids instance, living expenses for grandparents (or whomever you leave the responsibility of rearing your children) so as to not cause a financial hardship on them. Also as parents you should have your kids in insurance, God forbids you should have to bury a child but if that's the case you'll have the funds to do so without it bankrupting or disrupting your living standards.

We are realistic when it comes to health,home, and auto insurance, paying sometimes exorbent fees to keep those policies alive. Life insurance should be no different. Take care of your responsibilites, no you don't have to plan your funeral at this time, actually I would rather not plan my funeral but I want my family to have the funds to give me a decent farewell without leaving them in a financial bind. Don't let superstitions and myths stand in your way of properly planning your life, to plan your death does not mean you're morbid or have a death wish. If you have any further questions on life insurance contact a local agent or better yet visit the many sites on the net that offer free insurance quotes and advice. Below are a few sites:


Offers free insurance quotes for long term
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Life insurance company that offers
free online quotes for auto, health,
homeowners, whole and term life
insurance. Also provides a list of
insurance resources and glossary terms.