What are the things we need in life? We only have four tangible needs. They’re your shelter (utilities included), food, clothing, and transportation.
But if we ask ourselves, “What do I need?” There are some other intangible things that come to mind.
Things like a job/career… knowledge… relationships… family.
Many of us will have a different answer. But today, I’m going to share with you the two things basically every adult needs.
Life Insurance The first thing we need in our lives is life insurance. If that’s off-putting to you right now, just hear me out. I know you may be thinking: Okay. I don’t get anything but another bill with life insurance. So, what’s in it for me?
Nothing is “in it” for you, actually.
What I mean by that is, life insurance isn’t for you… it’s for those you leave behind.
Life insurance is an insurance policy you open that has a certain payout to your beneficiaries after you pass.
Life insurance has benefits for your survivors. It can provide for them, if they were depending on your income… It can allow them to pay off your debts (loans, mortgages, etc.)… Or it can help them pay for your funeral arrangements.
So, no. There isn’t anything in it for you with life insurance… but peace of mind.
If you worry about how your family will get by without you… If you wonder who is going to come after them for the money you owe… If you’re unsure where the money will come from in order to lay you to rest… this is where life insurance comes in.
It’s a way for you to make things easier for your family when you’re gone… except you’re taking the steps now, while you’re still here. The Will The second thing we need in our lives is a will. When you pass away, who will inherit your belongings? Does anyone know what or where your prized possessions are? Do you want one person to have something and another person to have something else? How will you make sure your wishes will be carried out? That’s where a will comes in.
A will is just a document that states what you’re leaving behind and to whom. That’s it.
It’s your way of making sure what you want certain people in your life to have after you’re gone is given to them. And it’s a way to get everyone on the same page.
It doesn’t have to be a long, drawn-out process. It just needs to be clear.
Now, if you’re thinking, “Won’t it be obvious who gets what when I pass away?”
Well, no… First of all, something could be clear as day… But it doesn’t mean it’s going to be straightforward or easy.
And second, just because it’s obvious to you who will get your possessions when you’re gone, it doesn’t necessarily make it obvious to everyone else.
What if you have more than one child? What about your spouse? What about your parents? Without having a will, everything gets decided by the courts, not your family. So, not only is everything now at the mercy and discretion of people who don’t even know you, but everything now works on their time, not your family’s. And nobody wants to grieve and go back and forth with paperwork at the same time.
So, again, having a will is just another way for you to make things easier for your family. Not What You Want, But What You Must I know this topic is a difficult one to think about. To be honest, if I think about this too long, I’ll start to tear up. No one wants to think about their death. But it’s something we must do… for the people we love.
Life is complicated. It’s a journey full of uncertainties. But one thing’s for certain: All of our lives have an end.
Believe me. I’m not trying to be gloom and doom at all. I’m just trying to be matter of fact. I know it’s probably uncomfortable to think about. But ask anyone who’s lost a loved one… and is now left with the bills… the debt… and the responsibility to put the pieces back together…
They’ll tell you it was a lot to bear. Not only were they trying to grieve, but they were also trying to handle all of that.
So, if you care about your family, don’t be afraid to broach this subject.
And if you’re a younger person, don’t think you’re too young to be thinking about life insurance or a will. (As a matter of fact, you’re more likely to pay less for a better policy when you’re younger.) You’re never too young to start thinking about the future.
Don’t let your fear stop you from doing what you can to provide some security for your family. Getting life insurance and writing a will aren’t things any of us want to do. But they’re things we must do.
So, let’s not be a burden to our families. Let’s be a blessing, instead.
With gratitude,
Melody C. Kerr, MS
Writer, Editor, Financial Coach
P.S. Want to know where to start with these two things? Send me an email right here.
