Do you want to know what can financially handicap families for generations? No, it's not planning for retirement or your kid's college education. It planning for what happens, Lord forbid, if you are no longer alive to see your family grow.
September marks Life Insurance Awareness Month led and coordinated by the non-profit organization, LIFE Foundation. According to the industry research group LIMRA, 30 percent of US households have no life insurance whatsoever. Today there are 11 million fewer American households covered by life insurance compared with six years ago. Here’s the bottom line: A majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones.
Imagine if Lamar Odom's mother had gotten rid of her life insurance policy when he was young. Forget about playing for the LA Lakers, what would be of his life had he been forced to take a different path?
The past several months in just this year, I have had friends, family members and business acquaintances die too young. Not only are the families left to deal with such emotions and confusion...but left to deal with an even more desperate financial situation for lack of planning.
Stay tuned for posts this month of how to keep one of the most valuable financial tools in your portfolio even in the midst of difficult times.
I find it odd that, by law, we are supposed to have home insurance before we purchase or refinance our home. We are supposed to drive a vehicle with proper car insurance coverage. Obama found it as a priority to overall health care affecting the cost of health insurance for everyone.
But when it comes to protecting the financial money-making machine (YOU) and providing the best lifestyle we can for our families...there is no such law.
Hmm. I can only think of one reason why I would not compromise having this financial tool which would allow me to "send checks from heaven" in case God decides to call me home sooner, than later...and that is because I LOVE my family, my children and the legacy I'll leave behind.
And I'm willing to delay buying a new car or flat screen TV...and put my money where my mouth is.