It’s a typical Friday night. My oldest is happy to be participating in his karate class, especially now that he’s bigger than his father. The youngest, well he wants a buddy to play Minecraft with and his dog is loyally handling the job.
Mom is in the kitchen getting things ready after a day at work. She likes her new job because it is flexible and lets her be there when the two boys need her time. Seeing patients in line with her schedule works. Those long hours and days in school are finally paying off.
She goes to the sliding door and lets the other dog out that saw a squirrel run across the back fence. Thankfully, the rain hasn’t started. It’s been a long summer and looking at the clouds it might be the start of the long wet northwest fall, winter, and spring!
Mom looks out the front door and sees the oldest coming back from Karate. It’s time for dinner. She is just happy that she and her family can sit and enjoy this meal together. Three years before this story was written, I died. It really doesn’t matter how.
We have 86,400 seconds in each day. That means we have 3,600 seconds every hour. The reason the above story could be true? I took the 3,600 seconds it took to make sure that my family would be able to have dinner, a dog, and the ability to have a life after the death of a loved one.
People faced with the discussion of life insurance often ask, “Where do I start?”
There are several ways to look at this and the easiest one is usually looking at it through the LIFE acronym.
L – Liabilities What debts would you want to be erased if you pass away? This can be a mortgage, loan, or credit card debt. Anything you want to be paid off would go here.
I – Income Replacement How many years of income would you want your spouse to have? This can depend on the amount indicated in liabilities. Maybe it depends on how old the kids are at the time – or a balance of both?
F – Final Expenses To pay for the arrangements you make with your family to begin the grieving process
E – Education How much will college tuition cost when your children reach that age?
Consider this from https://www.cnbc.com/id/47565202
It shows the projected tuition costs for the Fall of 2029 – Spring of 2030
- For a 4-year public (out of state) with 5% tuition increases, the cost is $71,373
- For a 4-year private (non-profit) with 5% tuition increases, the cost is $92,869
- For a 4-year public in-state with 5% tuition increases, the cost is $41,228
Make the increases 7% and the costs jump to $100,239, $130,428 and $57,609 for the schools.*
Source: Campus Consultants Inc * Includes room and board
Clearly, in life and Life Insurance, there are more things to consider then would fit in this post. Please take a portion of the 86,400 seconds you have every day, about 3600 seconds, to make sure that your family gets a typical Friday night dinner if you are not there to enjoy it.
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lcole2@farmersagent.com
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