Insurance

Yesterday while I was having a casual conversation with a family friend who is a business owner he asked me to tell him about what I do.  "What do you want to know I responded".  He laughed as he said "tell me how you got into the insurance racket.  How am I going to collect on my premium after I'm dead?"  By this time he was bent over with hysteria.   When I told him the that policy was not for him it was for the benefit of his family.  His response: "yea, it's a racket. Once I'm dead, I don't owe my family anything."  I am grieving for his family now - while he is yet alive.

Our friend is 42 years old.  He owns a very successful business.  He has three employees. His wife is an uneducated home maker, they have three children all of whom go to private school.  His business (in the service industry) began to thrive amidst the down turn in our economy.  He likes to  boast about having close to $10,000 saved.  He believes it's enough money for he and his family to survive for six months if disaster ever strikes his business or his household. His family lives very modestly in order for his children to get a good education.  He may be right; but is it enough money for his family to survive for six months if he meets with personal disaster?

It's safe to assume that at least half of that money will be used to pay his burial expenses.  A portion will need to be used to pay off all of his final obligations.  By the way he does not own the building he does business out of, and he is the only person who handles the administrative aspects of his business.  So, it's likely that the business will close.    ....long story short, when all is said and done, his family will be fortunate if they are able to survive for one month after he is gone.

For as little as $48.00 a month, he could truly insure his families stability for at least 5 years after he is gone (assuming they don't get the money in a lump sum and blow it).  If he does that, they will continue to sing his praises though he is no longer alive.  As it is now, his family will most likely loose their apartment, and his business.  The entire family will most likely become a burden to someone who loves them all enough to take them in.  Their children will have to go to public school, or worse - be home schooled by and uneducated mother who will likely have to work two menial jobs in order to acquire sub standard housing of their own for them all.   They will all curse him as long as they are alive for not considering them enough to make sure the can survive after his demise.

During one of our casual conversations, my grand father told me repeatedly that our ability to rest in peace when we die is tied to our ability to manage money well while we are on earth.  He believed that people who die with a lot of debt do not rest in peace.  I don't know if that's true, but I do know that people who have a lot of debt while they are alive do not sleep as well as they could.

If you really love your family, do the right thing by them.  Get your financial affairs in order while you are alive, and insure that your family blesses your memory when you pass on. 

Think about it,

Andrea
248-508-2806