When my stepdad passed away we didn’t think he had life insurance. As we were trying to deal with his death, my mom was in turmoil trying to figure out how she would pay for the burial he deserved. It was two of the most stressful days of our lives. Luckily we were able to put it on a charge card and forget about the outrageous bill while we mourned our loss. We then had to figure out how we were going to pay off this charge so we didn’t get whacked with crazy interest charges. The one thought that kept crossing our mind was, “Why didn’t he have life insurance!?” My mom was in disarray for weeks wondering how she would live since he was the breadwinner.

As we sorted through his papers, we found a life insurance policy. It was a blessing and things turned out fine. This was a turning point for all of us. The topic we all would do anything to avoid now became the center subject. We needed to know that everyone had insurance, how much it was for, and where the papers were. I was so concerned about my mom and grandmother that I forgot to talk about this with my husband.

When the children were small we always made sure my husband had enough life insurance so the children and I would survive. At each of my jobs, I also was sure to opt into the life insurance. Once the children grew up and moved out, we didn’t worry as much. Our guard was let down and when I left my job to open my own business, I didn’t think about finding a policy on my own. It was always something I would do “tomorrow”.

“The best time saver in the world – Tomorrow”

This is not an uncommon thing for nearly 50% of woman^[1]. I guess we forget that we need life insurance just as much as men. We comprise nearly half the workforce and generate significant income for our families. We may not have a 9-5 job but many of us are entrepreneurs and have Etsy shops, sell Lip Sense, consulting, and more. These freelance roles don’t give us access to life insurance through a traditional workplace and we put it on the back burner

Our spouse may be the breadwinner but any money we bring into the house matters. Not only that, but should something happen to us, our spouse may need time away from work for many reasons (bereavement or estate issues to name two). Maybe our spouse would need to move closer to family to get help with childcare or just help with the children in general. The average cost for a four-year-old in center-based child care is nearly $13,000 a year or approximately $1080 per month, with costs of care ranging much higher for infants[2].

Truthfully, I am one of the slackers. I’m thankful that I was reminded of the importance of life insurance!

When figuring out how much insurance you need make sure to take into consideration for college if you’re children are small. If you’re a Gen Xer we need to think about about what we’ll need for retirement, or to pay off cars and houses. Even if you get coverage for the burial only, this will be a huge burden taken off your shoulders!