This is a true story about how life insurance can make a difference in a families life.
It was Saturday, November 27th, 1999. I was cleaning my house when the phone rang.
My mom was on the other end with 4 words. Your sister is dead.
I thought it was a joke, but I also know this is not the type of thing someone would joke about and my mom wasn’t a jokester. She repeated her words. Your sister died this morning.
The emotions that ran through my mind; my body.
I lost it. I screamed and cried. My mind couldn’t believe what I was hearing. I didn’t know what to do.
No one knew what had happened, but she didn’t wake up in the morning.
It was two days after Thanksgiving. The day before she went Black Friday shopping. She played with the kids that evening and everyone went to bed. Her husband got up in the morning and made breakfast and went to get her up and she was blue.
After that, life changed for everyone.
My sister had 4 children. Two before she married, two with her husband, who also adopted the first two.
She was a stay at home mom and also ran a small day care center in the house to supplement the family income. Her children and her family were very important to her.
Sadly, after she passed, things fell apart in the household. You see, she took care of almost everything. She didn’t have any life insurance.
Financially, her family was devastated.
In addition to losing her day care income, now there was the extra expense of child care. He husband wasn’t financially prepared for all of the additional expenses.
Life Insurance would have had a huge impact.
Life insurance would have helped pay for childcare so that he could go to work everyday and focus on his job while he was at work and the kids when he was home.
In addition, life insurance would have supplemented the income so that he didn’t feel strapped trying to make ends meet.
Five years after her death, it was clear that the family was struggling. The oldest child had gone to live with her grandmother (my mom) and now I was being asked to raise the youngest two. It was positioned that dad needed a break so that he could learn how to be a better dad and figure things out.
The family was separated. This once close family unit was now being raised by different family members.
Fortunately the family was in a position to help out, but there was no financial compensation.
Loosing your spouse suddenly can be life altering, no question. But the financial implications can be even more devastating and this is a perfect example of the impact her loss had on the family.
If you are young, purchase life insurance.
Professionals recommend getting life insurance when you are young. Don’t wait until you have a family to purchase this valuable insurance. The younger you are the less it will cost you and the less likely you will have any type of health issues that will increase the premiums.
Deciding on whole life, term or universal life is a discussion to have with your financial advisor or insurance professional. Some would say buy term and invest the rest. If you don’t have the discipline to invest, then purchase a whole life or universal policy so that you can build some cash value. You can use the savings as retirement money. The key is discipline. If you don’t have dicipline when it comes to investing, don’t get term life insurance!
Are you a grandparent?
If you are a grandparent, why not gift your children a life insurance policy. Many young parents are struggling financially with raising children and spending money on life insurance is a struggle. You can help them with these payments for a few years. Once their finance are more stable, they can take over the payments. In the interim, you will have given the family an unmeasurable gift if something were to happen.
WHY I’M SHARING
It took me a long time to talk about my sister publicly. My emotions around the entire situation were raw for many years. I wish I had pusher her harder to purchase a life insurance policy. We don’t know what will happen tomorrow. If you have young children, they deserve to have some funds when they won’t be depending on yours
WHO WE ARE
Lynn Michel Insurance is an independent brokerage, representing national and local insurance companies. We specialize in helping people who need Medicare benefits serving Maryland. In 2022, we are licensed in MD, VA, DC and DE, NC, OH and FL. If you are looking for an agent in a state we don’t represent, let us know. We have a large network that we can connect you with. You can feel confident that someone in our network is reputable and has completed all of the proper certifications.
Debbie DeChambeau, the founder of Lynn Michel Insurance, started in the insurance industry as a junior in high school. She took a detour for a few years due to a family crisis. During that time, she continued to maintain her license, certifications and continuing education requirements.
Reach out to your financial advisor, accountant or estate planning attorney for referrals to someone they recommend.
ADDITIONAL INFO ABOUT THE AUTHOR
Debbie believes in continuing education for her profession. She earned the designations of a Certified Insurance Counselor (CIC), Accredited Advisor of Insurance (AAI) and Certified Professional Insurance Agent (CPIA).
Over the years, Debbie has cared for several family members. She was instrumental in helping to raise her niece and nephew after the death of her sister and cared for her grandmother, uncle and parents in their senior years.
Her love for podcasting and the insurance industry have her creating content that help seniors with their insurance decisions. Debbie tries to help caregivers understand what to expect in their new role.
Debbie is the co-author of Renewable Referrals and hosts three podcasts – Divorce Exposed and Business of Insurance and Seniors We Love