I don’t know if you all are aware, but I’m kind of a rebel. I’ve lived the last 28 years of my life with reckless abandon. Doing something so controversial I rarely mention it on the blog. But today, it’s time I come clean…
I know, I know. You are judging me. Second guessing your very decision to continue reading. Doubting every piece of financial advice I’ve ever shared. I get it. I’d probably judge me too.
I’ve been married for a little over three years now, but never found a legitimate need to explore getting life insurance. I could have died six months ago and Girl Ninja would have been just fine. In fact, she arguably would have been better off. Here’s what life looked like for us a few months ago….
- We were on a month-to-month lease.
- We had nearly $100,000 in savings.
- We had $100,000 in retirement.
- We had no debt.
- We were both employed full-time.
You see. I could have died, and it would have had little impact on Girl Ninja. Well, except for the whole being emotionally distraught thing. She would have moved out of our apartment, and in with her parents that live 20 minutes away. She could have sold one of our two vehicles (adding another $10,000 to savings). There was no income crisis as she works full-time.
Basically, she would have been just fine.
Unfortunately, that is no longer the case. Now that we own a home, we have a couple hundred thousand dollars of debt to our name and a much larger house payment. If I die tomorrow, that payment isn’t going anywhere. A payment Girl Ninja couldn’t comfortably float with her income. She’d be forced to either sell the house, or begin renting it out.
So it’s time I man up and get myself some 20 year, level, term life insurance. After a quick search on the interwebz, it appears I can get $1million in coverage for around $30/month. In other words, for about $360 a year (what we spend dining out each month), I can take care of Girl Ninja even after I die.
SO WORTH IT!!!!
I’ll be honest, I’m not pumped about spending $30/month on something I will most likely NOT use (fingers crossed), but I’d be way less pumped about dying and leaving Girl Ninja up a creek without a paddle.
There really is no excuse for not being covered in my opinion. Especially when you think about all the dads paying $90/month for their iPhone, but wont cough up $20/mo for $500,000 in life insurance.
Have you been totally reckless like me? Do you have life insurance? If not, what is keeping you from getting your crap together!?
note: If you are single, have no dependents, or are self-insured via investments/savings, then I obviously wouldn’t expect you have life insurance 😉