Your most valuable asset is being able to earn income. Without income think about what your life will look like.
Over the years, when I have asked people about this impact a common response is they don’t care what happens to their family because “I won’t be around anymore, so they can take care of themselves”. It’s people like this who need a reality check and wake up to themselves, stop being so selfish and get over their issues with self-worth.
Recently a very good friend of mine lost her husband and when asking how she was doing she told me “You never think it’s going to happen to you, or if you do, you think you have years to think about it. As you know, Mike died suddenly at 48 and it has turned our lives upside down. The last thing I want to think about is how I am going to afford school fees, pay for the cars or the huge electricity bill. I am still just trying to mourn, be strong for the kids and re-evaluate my life situation”.
The one thing insurance gives you is choice – a choice of what your life will look like if you can’t earn income. There are things we have a choice about in life but other things can happen unexpectedly. For example, I was moving our horse between paddocks the other day and he kicked out, almost hitting me in the head – I certainly didn’t choose that to happen.
One of the issues I see too regularly is people cancelling their policies as they get older, right at the time, statistically, when they will need it. Why? Because premiums start getting too much.
Get help to think about how your insurances should be structured so the premiums can be managed as you get older. The right advice can make all the difference.
What I don’t understand is why people don’t think twice about insuring their material possessions, but struggle with insuring their lives. People need to shift their thinking and stop trying to equate life insurance with their value or self-worth, see it for what it is – a replacement of future earnings and supporting your loved ones.