If you’re married, having life insurance is important for both of you, but it can sometimes be difficult getting your spouse to see the importance. Some people believe a life insurance policy is only for the elderly, but the truth is, things can happen to anyone, regardless of age or level of health. If you rely on your spouse’s income to live, their passing could put you in a complicated financial situation if there is no life insurance policy in place.
A life insurance policy protects members of the family, especially the spouse or children, from taking on a financial burden in the event of the main breadwinner of the family’s passing. The money from the policy can be used to cover debts and loans the individual had been unable to pay off during their lifetime or to make up for the lost wages of the individual. If there is no life insurance policy in place and the individual passes away, their loans and debts will fall into the hands of their spouse or children and the family will be without the income they had grown accustomed to having. If it is the only income in the family, this can be extremely debilitating.
If you’re struggling to get your spouse to seriously talk about a life insurance policy, consider these helpful tips:
1. Talk at the Right Time
Talking about dying is never something someone looks forward to, so to constantly bring up something as morbid as a life insurance policy can be stressful. Find the right time to talk to your spouse about getting an insurance policy.
Before you begin the conversation, think about what you want to say. Having your thoughts laid out can prevent you from getting angry if they continue to disagree about the importance of a policy while also ensures you cover all the points you want to address while you have your spouse’s attention. Stress the importance of a life insurance policy and what it would mean to you and any potential children if your spouse should pass away.
2. Do The Research
Your spouse may be avoiding a life insurance policy because they believe it is too expensive to consider. If you believe this is the case, do the research yourself and find various quotes, term lengths, and coverage amounts. Be sure to bring this information to your conversation to prove that a life insurance policy is extremely affordable and is not much of a burden. Unlike some forms of insurance, you can get a great life insurance plan for around $30.
When you can show that the monthly cost for a life insurance policy is not high, it may be able to say your spouse to see the value in getting a policy. Also by taking the initiative and doing the research without your spouse, you’re showing that you’re serious about the discussion. If you didn’t mean business, you wouldn’t waste your time.
3. Stay Educated
Knowing the ins and outs of life insurance can help you persuade your spouse that getting a policy is the way to go. Read up on the various companies that you can buy a policy from, what the various factors of each policy means, and what policy is the best for you and your situation. Understanding everything about life insurance, what it means, and how it can help you will assist you in convincing your spouse that you need it.
Staying educated can also ensure that your policy is as complete as it should be. While getting your spouse to agree to a life insurance policy is the first step, that policy will need to be updated continuously throughout your life to adjust for children, dependents, loans, and other factors that may cause you and your spouse to need a larger or smaller policy.
Don’t wait until you’re approaching your late years in life and health becomes an issue to begin thinking about the importance of life insurance. While the need for life insurance increases as you get older, you take on more dependents, or acquire more loans, debts, or mortgages, the need for a great life insurance policy grows. If you’re struggling to convince your spouse that a life insurance policy is necessary, try these steps.