This week Stop and Smell the Roses is a little bit different. This week we are participating in Mandy’s husband’s life insurance movement. His blog is called Good Financial Cents.
I am not an expert on finances so PLEASE do not expect any big fancy words or anything like that. I actually had to google what life insurance was. (Sorry, Jeff!)
Being a newly wed I thought it might help to learn a little bit about life insurance. Life insurance is usually something that might be an after thought to people until something happens to a spouse. It is really a good idea to have it in case something DOES happen to your spouse and you have no idea what to do financially. Like if said spouse is the one that takes care of the family finances.
Anyways, life insurance can be put into two categories:
Protection policies – designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are whole life, universal life and variable life policies.
Yeah, I don’t really know what that means, but I am guessing that the protection policy means that it is like a trust fund? That a child can get the money out at a certain age? I have no idea. I am reading the information page I found and I really have no idea what all the different kinds are.
Anyways, I know that life insurance is a good thing to get because in case something happens to you spouse then you have money to pay for things. Like your house mortgage and stuff like that.
Why do you think life insurance is important?
Life insurance is actually very important. If something happens to you what would happen to you spouse if they didn’t have some way to pay for the things that you left behind? It happens every day if you think about it. Someone who doesn’t have any life insurance passes away and their loved ones have no way of paying for anything.
Well, as you can tell I still have a lot to learn on this subject. I hope to learn a little bit more about life insurance from everyone.
Anyways, I am also sharing my SASTR video. This week I am so excited that we got the initial frame on the wall.
Thank you for helping support #LifeAWARE and spreading the word about the importance of life insurance! I really need to start the “She Reads Truth”!
Thanks to you and Jeff for opening my eyes to life insurance.
She Reads Truth is very easy. I have loved reading Proverbs.