There Is No Excuse For You To Not Have a Life Insurance Policy…NONE

Real quick story:

When I was in the Army, I had a life insurance policy valued at $400K which was costing me probably about $40 a month I believe.  After I got out of the military, I was still covered under the policy for about 6 months or so.  Not too long ago I received a letter saying that since I am no longer a military member that my coverage has completely expired and I should apply for some new coverage immediately.  So doing the grown up responsible thing (because I have a wife and 2 kids), I applied for a new life insurance policy.  Guess how much money it’s going to cost me to get another $400K worth of life insurance coverage?  About $50 a month…that’s it.  Every 5 years or so, my coverage will go up approximately $10 to maintain my $400K worth of life insurance.  So why am I bringing this up?  Good question.

There is absolutely no reason for anybody to not have some type of life insurance coverage.  None.  If you can afford a cellphone bill, you can afford life insurance.  If you can afford the latest pair of J’s when they come out, you can afford life insurance.  If you can afford to club every week, you can afford life insurance.  If you can afford rims, you can afford life insurance.  For those of you who do not know, the YOUNGER YOU ARE THE CHEAPER LIFE INSURANCE COSTS.  Real talk.  I have a friend right now who’s about 30 years old paying like $12 a month for a $100K life insurance policy.  I recently discovered from another friend that there are companies out there like K-Mart who offer their employees $25K worth of life insurance for the super duper low low price of $0 per month.  Yes, $0..you read that correctly.  That $25K is enough money to put yourself or a deceased relative into the ground where you don’t have to throw a fish fry or start a GoFundMe campaign to literally beg people for money to help with after-death expenses.

So how come people aren’t doing it?  Great question.

Many simply do not know I assume.  But it behooves you to get in the know.  Life insurance is a valuable asset beyond just taking care of after-death expenses.  Put it this way, if I died tomorrow, my life insurance policy of $400K would be more than enough money to put me in the ground, pay off one of my houses, put my kids through college debt free, or simply ensure that my wife & kids will not be struggling once I’m gone.  All of that piece of mind for literally about $50 a month.  So the next time you see a GoFundMe campaign pop up on social media from somebody who has lost a loved one, before you donate, you honestly need to inquire as to why that person or the deceased person never had a life insurance policy especially being that they are so damn affordable.

Seriously, we’re all going to die one day, why not get a life insurance policy to help your loved ones move on in life as comfortable as possible after your death?  Why allow your loved ones to beg for money online?  That life insurance policy money could be the money to put your family on a new trajectory in life towards building wealth.  It just doesn’t make sense to me.

PS:  The company I deal with is Prudential, but there are literally life insurance companies all over the place.  I was talking about this briefly on Facebook and I had random people trying to sell me life insurance through their MLM (multi-level marketing) business out of nowhere.  Also, I’ll admit that my policy is so damn cheap per month because I am a military veteran.  For you none vets out there, a similar policy isn’t that much more expensive.  Last thing, I got a friend who works in the life insurance business and she told me that people should buy policies that are worth 10 times their annual salary.  So if you earn $40K a year, she says you should buy a $400K policy.