Your Finance Tales

My name is Joanie and I have three grown kids, Casey my oldest daughter recently became a widow, her husband died in a car accident on the way home from a business appointment. Thankfully he had a very small life insurance policy that covered his burial and a bit left over with which she put a down payment on a condo for her and the kids. The death of my son in law has been a very traumatic experience for the entire family and now the rest of us are also planning on getting life insurance too. Mike my son in law was only 28, yet he had been smart enough to plan ahead and not leave his family unprotected. This has taught all of us agreat lesson and for that we are thankful to him.

Today I am going to see the broker that handles out vehicle insurance. She is going to help me compare life insurance companies. She told me that it's going to take some research to find the lowest priced because lately life insurance has become a liability. A liability because even though we can get free quotes the actual insurance rates has gone up quite a bit. People have less money now than they did before and therefore they now need larger policies. Premiums have increased like never before and now it’s coming to the point she some people can't even afford their premiums anymore, and since we need a policy for 5 adults it’s going to be quite expensive for us to get covered.

It's terrible to live in a time where even covering yourself in case of death is a luxury that not everyone can afford. After learning this from her I talked to my friend who confided that she had recently given up her policybecausethe premiums had gotten so high. So now she lives day to day with theextremeworry that in case she should die her family is not covered. I was even more thankful then that Mike had been able to hang on to his policy, it was almost as if he knew that he had to have it, and so will we even if we have to give up on some of our extra spending to pay for it. I have the luxury of a good job and so does my husband and we are going to use that advantage to get our family some good coverage.