Personal

When I was healthy and 40 years old, I bought a $1.5 million 20 year term life insurance policy for $91 a month.  A few years later, we got my wife a $750K 15 year policy for $55 a month.  This is among the very basics of financial planning, but a lot of folks don’t seem to appreciate the need and urgency.

When I was 40, we had 3 kids under the age of 10, my wife was a stay at home mom, we had some private school expense and a healthy mortgage.  $1.5 million would not have been a windfall, but it would have been a savior, and it continued to protect us up until my youngest was a junior in college.

Since my wife wasn’t in the working world, we did not need to replace her income, but there was still school and childcare, a mortgage and the future need to put 3 kids through college.

Fortunately, we both survived.

Then a few years ago, as a not quite as healthy 58 year old, I re-upped into a $1 million 10 year policy for $380 a month.

A term life policy is the lowest hanging fruit of financial security.  Email my colleague Ken Hudson, khudson@lawyersmutualnc.com, get a quote, fill out an app, go to a testing center to answer some questions and give some blood.  Hopefully, you’re healthy as a horse and your coverage is as cheap as mine was!