Tuesday, August 23, 2011

Making Sure You're Prepared

All through our marriage, my husband carried a large insurance policy on himself. We did that to provide for the family when the kids were little and the mortgage was high, and it made sense. Now though, we really need to rethink that. Of course, it would be nice to have a lot of extra money in the event something serious should happen, but I don't even like to type that "serious event" much less want it to happen, and I'd prefer to have him be with me a long time. However, the monthly premiums are high, and I don't think I'd need that much if something bad happened. We don't have a mortgage and the kids are grown up. Using a life insurance calculator is important to figure out what the proper amount of insurance you really need is. It can work both ways. For us, to see if we're spending too much money, for others, perhaps to make sure they are prepared enough in case something bad happens. In my case, the worst thing that could happen is we spend a little too much money each month, but I'd sure be well cared for if my husband passed away. It would be far worse the other way around, and if I had small children and a lot of bills and a big mortgage to pay off and not enough insurance to do it.