Do You Have Enough Life Insurance?

Earlier this year, Louise and I came across this forum thread about a family and their life insurance situation.  It’s a sobering conversation for sure, but one that inspired us to increase the amount of life insurance we have.  Before we read that thread, we were content with our relatively small face value term life insurance policies.  They would be enough to pay off the mortgage with some left over, but we weren’t really looking at the big picture.  We have a toddler now, and if one of us were to die young, it’s important to us that the surviving parent would be able to focus primarily on raising our son, rather than scrambling to make a living while taking care of him at the same time.

If you have life insurance through your employer, be sure you know how much coverage it provides and how far that would go.  If you need to add additional life insurance coverage, a basic term policy of 20 or 30 years will probably do the trick.  Premiums are based on age at issue, so the younger you are when you get your policy, the less you’ll pay for the life of the policy.  And since life insurance policies are medically underwritten, the healthier you are, the better rate you’ll get.  The time to make sure that your family is protected is today.

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