Why I Got Life Insurance

*trigger warning: death*

What is your perception of life insurance? Good or bad? Do you know what it is or what it does?

Back in the day, a lot of people, especially older people, were talked into getting life insurance that didn't make sense for them because financial advisors and banks were greedy as hell. These days, you can get solid, expert advice that will actually provide you with wealth and protect your assets. Wealth is an abundance of valuable possessions or money. Assets are property owned by a person or company.

Most people's perception of life insurance is negative because they didn't learn about it or they know someone who had a bad experience with it and now their views are tainted. Reality is, there's good and bad for everything. Every industry has dishonest people, sometimes representing the majority but I assure you that you don't have to settle for lies and deceit. 

Life Insurance is a contract between an insurance company and you (the policy owner), where you pay monthly payments (premiums) in exchange for a lump sum of money that gets paid out to recipients (beneficiaries) upon your death. It can also include critical illness or accidental benefits coverage that can be paid out if you get into an accident and/or can't work and need money to cover your expenses. In other words, you pay a monthly bill to have access to money if shit hits the fan +  investments to help you retire + money to cover your funeral costs. 

Sound morbid? Here's why it's not. The average cost of a funeral is $20k. And that's for a basic one. Do you have $20k lying around? Probably not. A lot of people go into even more debt trying to handle funeral costs for a family member that didn't have life insurance. They say that when a rich person dies, their family gets richer but when a poor person dies, their family goes deeper into poverty. But life insurance isn't just for when you die. If you have critical illness coverage, you're able to receive a lump sum of money to take care of expenses if you can't work. That's pretty sweet.

There's so many types of life insurance and no two policies should look alike because it should be tailored for YOUR individual needs. Listen, wealthy people do not shy away from life insurance. In fact, they take out millions of dollars to protect their assets and families! We can attain the same wealth and protection if we learn the money game. It's not scary if you understand it.

When I learned about life insurance, I didn't get it right away. I asked a lot of questions until I was ready to get a policy. I still call my financial advisor and ask her questions. As I learn more, I ask more. I got life insurance because anything can happen. Covid happened. I was lucky that my job can be done remotely. It could've been very different. I also want emergency money if I can't work for whatever reason. I also don't want my family to go into debt when that could've been avoided. I also want to build wealth and have something to pass onto my children if I have any. You are not too young to get life insurance, actually the younger you are, the better as it is harder to get coverage when you're older. You shouldn't be trying to get life insurance when you actually need it. There's so much more to this but simply: life insurance and building wealth are connected and it's not just for rich, white people anymore.

Ask yourself:

Are you financially prepared if you lose your job?
Will your family be financially prepared if you pass on?

If the answer is no to either of those questions, you need a backup plan.

*All views are my own. Please do your own research and speak to an advisor before getting your own life insurance policy. You can book an appointment with me to discuss your financial needs.*

All love, always, Shay.💛

Instagram: @financefortheculture

Email: financesfortheculture@gmail.com

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