Surprisingly, most of us are not ready for death. We simply ignore it. We don’t feel that can happen to us at such a young age. But, what is the age of death? Is it 70,80,90 or already 100? Sure, we all can agree that we would like to be old when we do die. But, in reality, death has no age.
How can you prepare yourself for you last days? Have you ever really thought about it? Well, today is the day to began that as part of your New Years Resolution, to get your life in order.
Before I give you some advice, let me help you see why you should start thinking about planning for death.
(This is a true story). An immediate family member of mine died less than a month ago. He was 35 years old, unmarried, with two kids. He lived the life of a young man with no worries. Having a job here and there. No immediate plans for the future. He died suddenly of a heart attack. He had no money saved and no insurance. His mother had no idea what to do. already his mom had no saved money of her own for this kind of emergency. So, what was his mom to do? She had to ask every one of us in the family to help her financially bury her son. And that was the way this 35-year-old man got buried, by family help and donations.
Can you imagine having your mother having to ask other family members or strangers for donations just to bury you? That should give you more encouragement to want to do the right thing.
That’s why I say, get ready. Think seriously about death. This is a big deal. I want to help you help yourself.
Now, If you don’t already have an insurance policy, get one. The way to figure up how much life insurance you will need depends on many factors. Consider the cost of the complete funeral arrangements. Which could be anywhere from $8,000 to $10,000 (and possibly more).
Then consider your current mortgage payoff (especially if you dont have credit life on your home loan) and how many more years it will take to pay it off. I am aware of how high mortgage loans can be and not suggesting that you get a policy to cover the complete loan. Maybe add ten percent of your payoff of the mortgage to the amount of what your life insurance policy will be.
Consider your current income also. If you’re the only provider for the family this will play a big factor when your gone. Meaning you will have to consider your spouse having to find a job. Especially if you want your spouse and children to keep up the lifestyle that they have now. Or if any of your children are soon to be headed off to college.
Yes, all of this factors into your life. That’s why planning is so important. This also takes a lot of stress off of your family from having to make these types of decisions.
I also recommend that you to talk to an insurance agent. They can give you a better understanding of exactly what you will need.