*Yep two posts in one day!*
One thing I've talked about in past is how now that we have a child we've been trying to prepare for the future and this preparation includes drawing up wills and buying life insurance. Two topics that most young people don't want to talk or think about. Unfortunately death, like taxes, is one of those unavoidable realities of life. Now that I have a family it's very important to me that they will be taken care of whenever I pass.
My father passed away this year and even though he was never good with his finances and had a good amount of debt the one thing he did do right was keeping up with his life insurance payments. He didn't have a large policy but it was enough to pay for his funeral which despite being very small and modest was still over $10,000! Had he not had that policy we would have had to pay for that out of pocket. It also provided me and my two brothers with some unexpected money that we've been able to put towards paying off some of our own debts.
I have purchased a policy on myself which will cover funeral expenses, pay off my student loans, pay off the house and pay for Hunters childcare cost should Kristian need to raise him alone. We are in the process of purchasing a policy for Kristian as well. We've run into some bumps in the road due to his past medical history but we're determined to get a policy even if it's for a lesser amount. The thought of something happening to him terrifies me in general but the thought of having to raise Hunter alone on just my salary puts me into full panic mode.
Because I feel so strongly about this I'm joining Jeff Rose's Life Insurance Movement to help spread the word of the importance of life insurance. Go check out his site and link up and possibly win some neat prizes *cough*iPad*cough*