Let’s Talk Life Insurance…

This post is sponsored by Mason Finance. All opinions are 100% my own.

Let’s Talk Life Insurance…

Okay, folks, it’s time to get real here on the blog. I am all about saving my family money but still getting to enjoy life. I’m not getting any younger. In fact, I celebrated my 41st birthday this past Monday. Yes, you read that right – 41! Honestly though, I don’t feel a day over about 25. Well, except when I’m doing burpees at the gym with the 20-somethings or I look in the mirror and see a few extra lines on my face or gray hairs. 🙂

Anyway, as we all age, we start thinking more and more about the future. Will I be able to retire? How much money do I need to retire? What happens when I’m gone? Will I have enough money to cover expenses when I’m gone? Will my kids be taken care of if something happens to me? How can I protect my family with life insurance?

I know these aren’t all happy thoughts, but it’s also a reality and something that needs to be thought about.

When I graduated from college and got my first “big girl” job, one of the first things I did was set up an appointment with an investment advisor. I immediately started investing in a Roth IRA (My first job didn’t offered a retirement package!) and took out a whole life insurance policy. It wasn’t much, but it was a great start.

Since then, I’ve learned a few things over time about life insurance (ie: whole vs. term). It’s been almost 19 years, and I’m still putting money into that Roth IRA every month, and I still have the whole life policy.

While I won’t take out another whole life policy, I have taken out a few term life insurance policies. Yes, more than one is correct.

This may have you wondering, “how many life insurance policies can you have?”.

The reason I have taken out a couple is because we had changes in our family. The first term life insurance policy was taken out after my oldest son was born. I took a second policy out after my second son was born, and my contract for surrogacy a few years later also required one.

I fully believe that you can also be over-insured. In my opinion, you need enough to take care of any final expenses, debt (mortgage), and to provide for your spouse or children.

Term life insurance is relatively inexpensive, and the benefit to having multiple policies is that they will all expire at different times. As each year passes, our home gets closer to being paid off and my kids are becoming less dependent on my husband and I so we won’t need as much coverage as we age.

So, do you have life insurance? Are you sure you have enough?