Your day started out like any other day. Grab that cup of coffee, drop the kids at school, at the office by 8:30. Next thing you know you’re on the floor and there’s an ambulance on the way. You next open your eyes and you’re at the Emergency Room laid out on a gurney as they rush you into the operating room. This can’t be happening, you think to yourself, not to me! You’ve just had a major heart attack, you’re scared you might not make it. So much to live for, the kids, your spouse, even your parents will be devastated. Suddenly it hits you, you don’t have any life insurance. You’ve got that one small policy through work, but that’ll barely carry them through the end of the year. You think of the kids, their first car, college, paying for your daughter’s wedding. You think of your spouse. Retirement is going to be so, so difficult now. You remember that pushy guy always trying to get you to buy life insurance and wish you hadn’t been so rude to him. You at the very least want the family to be able to stay in the house you just bought. You think to yourself ‘This can’t be it! I want a do-over’. As they put you under, you for the first time fully comprehend the most profound mistake you’ve ever made. You wish you could go back and buy that policy you never thought you would need.
You may not think you need mortgage protection insurance; you have coverage through your job. What you may not realize is that this will only replace your wages for 2 or 3 years, if you are lucky. If you die, your family has only 2 to 3 years with which your paychecks keep rolling in. After that, the For Sale sign goes up in the lawn. Not only have your kids lost a parent, but now they’re going to lose most of their friends and the comfort of a nice area to live in because the family can’t afford to stay.
With a properly designed plan, you can protect your family from financial hardship when you die. There are even options to protect you in case you get sick or injured. These plans are designed to help keep families in their homes.
You’ve got that policy at work. One day, 10 years from now, your boss walks into your office with bad news. The company has been sold to a competitor and they are merging staffing. Your position is being filled by someone at the other company. You must pack up your office, but at least they’re giving you 8 weeks’ severance. Unfortunately, it’s a tough job market out there, and you’ve not updated your resume in years. It’s going to take some time to land on your feet again. You’ve got to get some life insurance in case you get hit by a car on your way to an interview because you can’t leave your family high and dry. That’s when you realize, that minor heart attack you had a few years back is going to have an effect. Maybe 10 years from now you’re carrying around a little more weight than you used to and have recently been diagnosed with a new health concern. Don’t worry, we can still probably get you coverage, but it’s going to cost a lot more. Even if you’re health hasn’t changed, we do know that it’ll be more expensive because you are now 10 years older.