The day my daughter was born was one of the best days of my life. From before the moment they placed her on my chest, I cherished the new responsibility I carried. Things changed once she was born. Before that moment she was enveloped in my womb, a protective bubble. When the bubble was gone and the wonder of a newborn wore off I realized just how susceptible she was to the outside world now. As a mother I felt invincible, but I also felt vulnerable.
Then came the sleepless nights those first few weeks. Nights where I would stay up playing the “what if” game. I worried about things I could control like a colds and boo boos. I worried about things I couldn’t control. I worried about the present, the future. Then I started worrying about things that could happen to me. I wasn’t invincible. As new parent’s we weren’t prepared. No will, no power of attorney, no life insurance. If anything happened to myself and my husband my daughters future would be completely uncertain. I knew my family would take care of her, as complicated as things may get, but still. There is a financial burden. The current estimated cost of raising a child is well over $200,000 – exponentially more than was in our savings account.
It was during one of these sleepless nights that I woke my husband with a shake and began to spout my fears – we needed life insurance. To say he was displeased with the rude interruption was an understatement – especially when we were already getting up three or four times a night as it was. Perhaps if I had used some of the advice from Learnvest “How to Have the Life Insurance Conversation With Your Partner” I would have been more well received. But in all seriousness it is a conversation that should be approached thoughtfully – not in the middle of the night – and the article has some great tips. Thankfully, he was feeling more agreeable the next day.
After a long conversation discussing the “What If’s” no parent really wants to think about we had come to some conclusions but we still had a long way to go. Purchasing a Life Insurance policy isn’t quite the same as your average auto or home owners insurance. There is more to consider because there is more at stake.
Genworth Financial has some really great resources to help you figure those things out. Including this helpful article going over the basics of Life Insurance including what it is, your options, the cost, how much you will need and even how to buy. The fact of the matter is, we will do anything to protect our kids but the world is an uncertain place. It’s our job as parents to have a plan for the unplanned.