February 1, 2021
I attended a retirement planning seminar the other day. It was the kind of meeting where they were explaining such important but mind numbing topics such as: What is the best age to start taking Social Security benefits and will you run out of money if you live to be 136 years old?
But the presenter did say something interesting that made me think about my own situation. She said, “The investment portfolio is the brains of a person’s financial plan but the life insurance policies are the heart of the financial plan.” She followed up by stating that, “Nobody buys life insurance unless they love somebody else!” Considering that the person who buys the insurance won’t even be around to spend the money...of course the benefits of the insurance are for the people we love.
After the seminar, I was thinking about my own situation. What would it be like for my wife of 43 years to have to deal with my death, whether it was sudden, due to an accident, or if I were to get sick and die slowly? We have always made decisions as a team. At least, we’ve had each other for these many years to bounce ideas off each other and to share the workload that might be required.
If I were to die suddenly, due to a heart attack or something, it is hard for me to imagine her bearing the weight of so many important decisions. Things like:
Medical decisions - Should they try to save my life or let me go? Where would I receive the best care; our local hospital or would I need care at the big medical center downtown? Which doctors should she consult for me?
Funeral plans - Sure, our parents have long since passed away but we have never arranged for a funeral on our own. Which funeral home should she use? Where should she bury me? Certainly she would want to buy 2 burial plots so that when her time comes we can be together but should she buy more so that our children can be buried near us? To save money, should she have me cremated or should I be embalmed and have a full service funeral?
How will she pay for the funeral? We’ve saved some money but should she keep that to live on or spend the money on a great big, expensive funeral? Will she feel guilty if she doesn’t honor my life with a big party? Would she think I would be disappointed if I’m looking down from heaven at all of this?
What about her future lifestyle? If I die first, she will lose her Social Security check from our current household income and part of my pension. Will she be able to stay in our home or will she need to move to a smaller place or an apartment? What about new cars, new clothes from time to time, and how will she pay for Christmas and birthday gifts for the grandkids?
As I was thinking about all of this, I realized that if one of us should die, not only would we miss each other but it sure would change things for whichever one of us survives, both emotionally and financially. I now can see exactly why the presenter of my seminar said that the life insurance policies are indeed the heart of a financial plan. Buying life insurance to help fund the future life for either my wife or myself truly is an act of love. My life insurance policies are the biggest Valentine I will ever give my sweet wife! If I should die first, I sure hope she’d miss me. I know for sure I would miss her. But I hope that every day she will be reminded of how much I love her because I not only took steps to be sure she didn’t have to make too many difficult decisions without me but also because I left her enough insurance money to help her stay in her world.
It sure makes me feel good to know that she’ll be able to have the same relationships and take care of grandkids, even if I’m not here to help.
Life insurance truly is an act of love.