You know you should do but haven't? | 3rd Level Wealth
I wonder how many things in life I know I should do but don’t?
The question was easier when I was young and single. The question changes when a person gets married. The question can penetrate and convict when children become involved.
One of the reasons this question has come up lately has been the passing of some known men in my life that are around my age. Not close friends, just people who I have crossed paths with over the years. Men in their forties and fifties.
All of them were married. All of them had children. All of them had families that depended on them and all of them passed away unexpectedly. It made me pause. It made me reflect on our time together when we crossed paths. And it made me ponder life.
Which brought me to another thought upon hearing of their passing: Is their family going to be okay? Did they have a plan in place? Life insurance? Retirement? Kids education? Funeral costs?
Part of me hates these questions. Part of me wishes these thoughts never crossed my mind. But after years of being in the financial services industry, the stories we hear and see causes us to think about it. It’s part of the job and the reality is we will all pass away, we just don’t know the date or if we will be given any type of notice.
As I was thinking about these friends I realized I needed to review my life insurance needs. I’m newly married and life has changed these past six months. I need to figure out how much I really want and how much is too much? How much can I comfortably afford without it causing a burden on the family? If my time is coming soon and unexpectedly, do I want to give my family time to grieve and process next steps or am I going to put them in a position to make rash decisions because the money isn’t there?
It’s a sobering thought. But also an opportunity. An opportunity to give me some peace of mind if something did happen. Not to worry. Not to think about ‘what if’ the next time an acquaintance of mine passes away unexpectedly.
Is your family financially prepared if you passed away unexpectedly?
Or is this something you know you should do but haven’t done yet?
Take the step today and cross 'life insurance' off your list.
3rd Level Wealth
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