Don’t fear the reaper, plan now
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photo credit: Theodore Scott
You know it’s inevitable. You know it will happen some day, and you hope it will be when you are old and gray. But you really never know when it will be your time. All you have to do is take a look on CNN, or the newspaper and you’re bound to read a story of someone’s untimely death.
Most people think of estate planning as something for people with money, and wills as something only people with kids need. That’s far from the truth, though. Everyone needs to plan for their death.
Insurance
I recommend term life insurance because it is affordable, and achievable for many families. If you or your spouse has a group life insurance policy remember that when/if you leave or are fired that policy will end. It is best to take any free coverage through your job, and then compare costs with other insurers. I recommend USAA if you can use them, or Accuquote since they offer multiple quotes and ratings on various insurance companies.
Have Children: If you have children your #1 priority should be to purchase a term life insurance policy that will replace your income for 5-10 years (depending on the ages of your children). You want to purchase a term that goes to the time your youngest child (or future children) will be in college. You need less insurance after that point, and should adjust your policy accordingly. If like me you have no/little income, consider a life insurance policy that will cover all debts in your name, college expenses (some or all if you plan to help your children pay for school), and possibly childcare costs.
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