Years ago my parents tried to explain life insurance to me. I remember that discussion as boring and not pertaining to me. I was not going to die at 25 and I had no kids, so what was the point? Now, though, I wish I had listened and been smart enough to lock in some life insurance rates back then.
Now that I do have kids and I understand more the importance of making sure they are taken care of financially and can pay my bills should something happen to me, I am in the market to protect them. And while I think that college funds and such are vital to be able to put three kids through college, I am starting to understand that life insurance is just as important!
As I shop I am confronted with one question. How do I know how much I need? I have three young daughters so I know I need to be able to split it up and help them pay things if something happens to me. But how much? Luckily, the above calculator can help!
In addition, I have to decide when it is time to talk to my kids about life insurance, how much I have and how it works should something happen. Now, my kids are really little. But the more I think about it, the more I am convinced that kids as young as teenagers might be able to understand what a policy is, why I have it and how it affects them. In fact, there are a lot of great articles on How to Talk to Kids About Life Insurance out there that I can reference.
What about you? Do you have life insurance? How did you decide how much you needed and do you talk to your kids about it? As a mom to young ones, I would love to hear your opinions!
**This is a Guest Post by Genworth Financial. All writings and opinions are my own. Please see my Disclosure statement for more information.**
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