How to Talk About Life Insurance With Your Family

6 years ago

Sometimes it’s easier not to talk about certain things even though you know you should.  Having conversations with loved ones about the future and what would happen to them if you should die is not easy to think about and even harder to discuss but it’s really important… so, Let’s Talk……it’s not as hard as you think.

Having that “talk” with loved ones may provide a sense of security, knowing that you have taken care of an important part of your life. Is there a right time to do it? Any time is the right time for a discussion about protecting what you hold dear, but there’s no better time than the present. Doing it sooner rather than later will allow you to get back to just living your life, without worrying about the consequences your death will have.

Put your money where your heart is. If family is the most important thing in your life, this is your opportunity to show it. Do you have a savings account or college fund? Are these priorities of yours properly prioritized in your budget? Would you leave your family in debt or struggling financially if you were to pass away unexpectedly? Why prepare for tomorrow today? Because “tomorrow” doesn’t come with a guarantee.

Approach the topic with a fresh perspective – tell your loved ones that you would like to understand how they would want to live if you should pass away. You can also share how you see your family living without you, and your hopes for their future. Now may also be a good time to share how you would like to be remembered.

Stay positive – tell them that this is a great opportunity for all of you to reflect on what is important to you. You may learn things about each other that may surprise you. Let them know that you want to make sure a tough time isn’t made tougher by failing to plan.

Ask “what if” questions – they can lead to rich conversations. People often avoid “what if” conversations because they reveal the possibility of change. But picturing your loved ones in various scenarios can help you recognize what needs to be accounted for when you create a plan for the future.

These kinds of discussions can take many paths that can be very helpful for creating future plans. The idea is to troubleshoot as much as possible now, so be sure to cover these key areas.What financial obligations will remain if you pass away? Credit card debt, mortgage payments or rent and other regular bills do not go away when someone dies.

Consider what short-term costs would be associated with a death, including funeral and medical bills. Then consider long-term expenses – such as living expenses, car payments, child care, health care, and other family expenses – and long-term debt, including student loans and mortgages. What are your long-term dreams? College for the children? A relaxed retirement? If you have been saving for these goals, then remember to discuss how they’ll continue to be funded.

How will your loved ones’ future look? If you’re married, do you want your spouse to have the choice of not working or working less? If you’ve always been a caregiver, who will continue these duties? How do you want to be remembered? Are there charities or causes you’d like to give to? Do you have godchildren, nieces, nephews or friends you wish to leave something to?

If you have life insurance, for example, do you know what kind it is and how much you have? If it is through work, is it portable? How often do you revisit your plans to secure your loved ones’ financial future?

Life changes, so your plans should change with it. Speaking to a financial professional on an annual basis leads to a more solid plan that can address short – and long-term needs. Schedule an appointment with a financial professional and bring a checklist of your financial priorities.

Consider including life insurance coverage as part of that financial plan.  Term life insurance is the most affordable and easiest to understand. If you want to get an idea of what it would cost to own a term life policy on yourself to benefit your family, check rates online from some of the top-rated companies by getting a FREE life insurance quote in minutes.

LifeQuote Holdings, Inc., is a pioneer in online life insurance brokerage. The firm was one of the first to offer consumers free life insurance quotes via telephone in the 1980’s, prior to developing the Internet business model. The executive team is made up of life insurance and retirement plan veterans, as well as media/marketing specialists, and experts in web design, development and search engine optimization. The company CEO is a respected leader in his field and coveted public speaker at national industry meetings. To find out more, please visit www.lifequote.com.

The author of this LifeQuote Blog post is not a licensed life insurance agent or broker.

This is an article written by a member of the SheKnows Community. The SheKnows editorial team has not edited, vetted or endorsed the content of this post. Want to join our amazing community and share your own story? Sign up here.
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