It’s September, the start of a new school year. Before you know it, your college graduate will head out into the real world to make a difference. It’s never easy for a parent to see a child become more and more independent, only praying that they are ready to be on their own and face the challenges that lay ahead.
Do you have a graduate, a soon-to-be graduate, or recently-graduated graduate? You've probably already had the serious conversations about what their plans are for after graduation and securing a job. But have you talked about life insurance?
Starting a discussion about life insurance is never easy because it involves something we don’t want to talk about—death. What would happen if we suddenly left behind those we love the most? Life insurance isn’t going to benefit you in your lifetime, but it will protect your family in the event of your passing, with you knowing that they will be financially supported even in your absence.
A recent study revealed that many parents would rather have a discussion with their children about basically anything else—drugs, alcohol, religion, politics, and other taboo topics. But why? Thinking about our own mortality is unsettling, and no one enjoys talking about it, especially with their children. But it’s important for young adults to understand and appreciate the value of financial protection for their future family in the face of an unforeseen life event.
So how do you bring up the topic of life insurance to your loved ones, especially with your matured children?
Here are 3 easy steps to get started:
1. Discuss goals. What would your child like to do with their lives? Do they want a family? What is their dream job? Would they like to buy a house?
2. Now talk finances. How will your child pay for their future? For their travels? For their family? Does their job salary support these?
3. Finally, talk about yourself. Explain why you have your life insurance policy and why you chose it.
Talking about goals and objectives can help frame the conversation around finances and long-term financial planning. This in turn can lead to a dialogue about the importance of having life insurance, especially when it comes to potential parenthood and having dependent children.
Our $250,000 Term Life protection costs only $20 a month*...so life insurance really is affordable on an entry-level salary.
But can you really put a price on peace of mind?
*For a healthy 30 year old male.