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How Life Insurance Gave My Family Options

Mridula Mishra | 1847Financial

In 2004 I entered the insurance industry and learned that buying life insurance was a very confusing decision. Do I buy term, whole life, variable life, universal life or any of the other many types of life insurance? What are the differences? Why does one cost so much more than another for the same amount of coverage?

As I started to learn the differences, I remember telling my husband that we should purchase some whole life insurance. We were married for only a couple of years and renting our apartment. My husband was beginning his career and felt there was no real need for life insurance, so we bought a small amount on him in 2005.

In 2006 I had a baby girl and we bought our first home together. The need for life insurance suddenly became more critical. I had also recently become Leap licensed and started to learn about the true value and power the right type and right amount of life insurance plays in a person’s life, no matter at what stage they are in.

We understood how life insurance played a significant role in helping create important options in our life like:

  1. Creating secure retirement income streams

  2. Creating a forced saving plan

  3. Helping to pay for our child’s college

  4. Allowing us to spend and enjoy our assets

  5. Reducing the risk of markets ups and downs

These benefits and many more led us to purchasing much more life insurance on the entire family.

As the years progressed, we have gradually increased our whole life coverage. Having growing cash values that would not go down in the event of a market collapse provided tremendous peace of mind for our family. We have a conservative approach to financial matters. We work hard for the money and ideally do not wish to lose any money. A guaranteed rate of return is more appealing than a rate of return which may be higher but also has the potential to lose a significant portion of the money earned.

Over the past 12 years of owning whole life insurance, since our early thirties, there have been many times when we have been grateful for the coverage and the peace of mind and options it has provided to us in our lives. From car accidents to handling rental properties, from getting loans for commercial building to building a new home, from having close loved ones pass away to new additions in the family, life insurance has been one of our greatest assets. It has provided more peace of mind and created more options in our lives than if we owned no life insurance.

As we continue on this journey, we see the value of having life insurance to help not only create guaranteed income streams in retirement, but also to help greatly in our charitable planning legacies and personal legacies. Living comfortably and with security and freedom during retirement is an important option in life to us, as well as knowing that we are able to give back to the community. Understanding and knowing how to create the options of a secure retirement income and a charitable legacy are extremely valuable.

Understanding what options are right for you and your family, how to create these options and understand how these options work, can be complicated and overwhelming. Talk a Leap professional to help make this process sane, sound and simple.

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