Life insurance is something everyone needs, but most people don’t like to think about. Why is that?
Perhaps you don’t like the idea of contemplating your own mortality. Maybe planning for a time when you won’t be around to protect and provide for your loved ones is frightening. Whatever the reason, you need to stop hating life insurance and start Protecting Yourself.
Life insurance is really a gift. In fact, life insurance is one of the greatest gifts you can give yourself and your family.
The Greatest Gift
Recently, one of our Financial Foundations members discussed with the community her experience with life insurance.
She’s been supporting a friend through the loss of her spouse which has been unspeakably difficult. Finding out her friend hadn’t purchased life insurance, and seeing the repercussions of that choice, has been heartbreaking for her.
A Love Product
As she shared her story, she encouraged everyone to follow through on Protecting Yourself as you move through Financially Fit Bootcamp. You may fully understand why you need life insurance when you’re in Module Four but figure you’ll put off making the actual purchase until you’re through Bootcamp. Resist the temptation. Our member pointed out that instead of denying your need for life insurance, or dismissing it as unnecessary, think of it as a Love Product.
A Love Product provides benefits to your family in the event of your unexpected death or the death of your spouse or partner. Telling ourselves bad things will never happen to us is comfortable in the moment. We like to believe we’re invincible. But deep down, we all know that’s not true.
Another Type of Freedom
Working toward Financial Freedom and eliminating Chronic Money Stress is at the heart of the MindShift.money philosophy. That’s why we share information and resources like this. We wholeheartedly believe Financial Freedom can be achieved by everyone and is essential to living your best life.
A large part of Financial Freedom includes Freedom from potential Money Stress if your life takes an unexpected turn. Should the unthinkable happen, your focus needs to be on putting your life back together after your loved one has gone. You shouldn’t have to worry about paying the mortgage or taking care of bills when you’re grieving. In our member’s experience working in financial services, she never had a client not need the life insurance benefit check she handed them.
Although we don’t like to think about the life circumstances that cause us to need those benefits, having the proper life insurance protection in place when the time comes is priceless.
Life is Precious
A few years ago, I dealt with a health crisis that forced me to stop and confirm my family was fully protected. Before I was scheduled for heart surgery, my wife and I took the time to make sure we had the best insurance in place to protect the family should something go wrong.
Clearly, the surgery went well, and I’m happy and healthy today. And because I knew my family would be taken care of, I was able to focus completely on healing. I understand why thinking about the end of our lives is difficult. But you know what’s more difficult? Thinking about how your family would survive without you if there are no protections in place.
I know you want to believe you’ll always be here to protect them. Having proper life insurance and other financial protections let’s you continue to do that, even if you’re not here physically.
After reading the article, head over to the Financial Foundations Community to share how your world changed after you followed through on Protecting Yourself.
image credit: Bigstock/eelnosiva
Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.