Life Insurance Movement

Life insurance is a vital part of your financial picture, but for many people it’s overlooked because they either don’t want to think about the need for life insurance or they are unaware how vital it can be, especially for families.

So when Jeff Rose from Good Financial Cents decided to start a movement I knew I had to join in. You can find a full list of participating blogs on Jeff’s site.

Think of life insurance like a safety net. For many of us we won’t need it, but if we do it’s good to know it’s there. Without life insurance though if something were to happen to you or a loved one, you may find yourself in a difficult situation. Bills may start piling up and before you know it you will be in dire financial circumstances. Dealing with loss and a financial crisis at the same time can be devastating.

Life insurance allows you to have peace of mind knowing that your family, and loved ones will be able to cope with additional expenses, bills, and childcare. It seems morbid, but it is something that effect families far and wide.

How to buy Life Insurance:

There are two types of life insurance. Whole and Term. Both offer coverage in case of death, but they each have slightly different benefits and differ in pricing. For more details on which type to choose, you can look at this life insurance product guide.

You’ll also need to determine how much coverage you’ll need. This is based on your age, the age of any children, the amount of debt you have (mortgage included), and a few other factors. Earlier this year I answered a reader’s question about how to determine how much life insurance you need.

The cost of your life insurance is based on your age and health. If you are young it’s best to consider getting a term life policy early in your life. It will cost less than waiting. Even if you don’t have a family or partner/spouse yet it’s a good idea to think ahead. If you end up not having a family the benefactor could be family members or your favorite charity.

Check out this calculator to determine how much insurance you need.

My Thought on Life Insurance:

I put together a video with my thoughts on life insurance, and why it’s important not only to me but to my family as well.

Want more? I share my advice on planning for end of life.

Do you have life insurance? If not, what has stopped you from having life insurance?


About Kelly

is the founder of The Centsible Life, a blog where motherhood and money meet. Her goal is to help readers live well on less. Kelly is a mom to 4, and loves that she can stay at home with her kids, and still pursue her passions for writing, personal finance, and social media. You can often find her on twitter and Facebook talking money and motherhood.