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Surprisingly, most of us are not prepared for death. We just ignore it. We don’t feel like that can happen to us at such a young age. But what is the age of death? Is it 70, 80, 90, or even 100? Sure, we can all agree that we would like to be old when we die. But, in reality, death has no age.
How can you prepare for your last days? Have you ever really thought about it? Well, today is the day to start that, as part of your New Year’s Resolution, to get your life in order.
Before I give you some advice, let me help you see why you should start thinking about planning your death.
(This is a true story). An immediate family member of mine died less than a month ago. He was 35 years old, single, with two children. He lived the life of a carefree young man. Have a job here and there. No immediate plans for the future. He died suddenly of a heart attack. He had no money saved or insurance. His mother had no idea what to do. Not even his mother had money saved for these types of emergencies. So what was his mom going to do? She had to ask each one of us in the family to help her financially to bury her son. And this is how this 35-year-old man was buried, through family help and donations.
Can you imagine your mother having to ask other relatives or strangers for donations just to bury you? That should give you more encouragement to want to do the right thing.
That’s why I say, get ready. Think seriously about death. This is a big problem. I want to help you help yourself.
Now, if you don’t already have an insurance policy, get one. How you calculate how much life insurance you will need depends on many factors. Consider the cost of complete funeral arrangements. Which could be between $8,000 and $10,000 (and possibly more).
Then consider your current mortgage payment (especially if you have no credit life on your home loan) and how many more years it will take to pay it off. I am aware of how high mortgage loans can be and I do not suggest that you get a policy to cover the entire loan. Perhaps add ten percent of your mortgage payment to the amount of what will be your life insurance policy.
Also consider your current income. If you are the sole provider for the family, this will be a big factor when you are gone. Which means you will have to consider that your spouse has to find a job. Especially if you want your spouse and children to maintain the lifestyle they have now. Or if any of your kids are going off to college soon.
Yes, all these factors in your life. That is why planning is so important. This also takes a lot of stress off your family from having to make these kinds of decisions.
I also recommend that you talk to an insurance agent. They can give you a better understanding of exactly what you will need.