Yes you guys. Today I am talking about insurance. Most posts here center around stuff like, you know, clothes and food and home decor and pretty things. But as you know, I do post about life stuff as well (I mean, it is a lifestyle blog after all): my family, parenting, pregnancy, random thoughts that fill my head for no particular reason, etc. I've mentioned before that in between aesthetics and fun everyday things that inspire me, it's important for me to share a little bit about myself too, and to keep things real around here. Well that's what I'm doing today. With open enrollment season here once again and another baby on the way for me in just three months, I've had insurance on the mind. And I'd like to share my own experience with you - specifically with life insurance.
A whole lot of things I'd never really thought about before have become incredibly important since I became a mom (almost two years ago now; so weird). There has been the obvious stuff, like knowing the proper way to install a car seat, and finding a good pediatrician, and looking into school district ratings when we started house hunting. But there have also been things that I genuinely didn't recognize as necessities - like life insurance. Truthfully, I hadn't even thought about it much. It wasn't one of the things that was mentioned on the "need to do" lists on the pregnancy and baby websites I frequented. But after my mother-in-law asked about whether we had it yet, I realized how necessary it was. It's never fun to think about the possibility of something happening, but the reality was that looking out for our daughter, and our family as a whole, was paramount.
My husband and I spent a lot of time looking into our different options for our life insurance plans, and just learning more about life insurance in general. It wasn't like we just grabbed the first life insurance policy we came across. We knew that we needed to do our research, to find a good policy, and to read the fine print. Once we found plans that were affordable for us and provided the coverage we needed, we very carefully read through all of the policies from top to bottom. (This is crucial!) There were several policies that we considered, but reading the fine print is ultimately what made us feel confident in making our decision. We made sure to read and understand all of the terms, exclusions, etc. in our contract, which allowed us to feel comfortable in setting everything up.
Through our life insurance research, we learned a lot too - including the fact that we didn't need to wait until we were parents to get it. Although it's not a one-size-fits-all benefit, it's something to consider, no matter what stage of life you are in. For those who are young and single, life insurance can be used to cover memorial expenses, pay off creditor debt or provide parents with funds for retirement. If you are a mom or dad like we are, benefits can help cover your child's college education, or help your spouse continue to pay the mortgage or any other financial need following the loss of a loved one. For those approaching retirement age, it can be equally as important. Deciding on the right life insurance policy for you can bring you peace of mind, regardless of where you are in life. It definitely did for us!
If you are considering getting life insurance, or any type of voluntary insurance (accident plan, cancer plan, hospital plan, critical illness plan, life insurance plan, short term disability plan), now is a great time to do it. For most U.S. companies, fall marks open enrollment season, a time when workers can review their employer-sponsored benefits offerings and choose the health insurance policies that best meet their financial and health care needs. And although selecting the right health care benefits may be one of the most important decisions Americans will make all year, an Aflac survey found that many workers do very little research to learn which plans and products really work best for them. On top of this, different generations have different health care needs that reflect their life stages. This is where voluntary insurance helps, since it allows employees (as well as those who purchase their own health insurance) to select voluntary policies that best suit their own needs, as well as the needs of any dependents they may have. Voluntary policies, which complement major medical coverage, are specifically designed to help pay for out-of-pocket expenses that can be associated with an unexpected illness or injury. In addition, the cash benefits can be used to help pay rent, gas, groceries, child care or any other out-of-pocket expenses that continue to roll in even if someone is too sick or injured to work. As I said, knowing you and your family are protected through life insurance and/or other voluntary insurance covered is the best kind of peace of mind. Every time I play with my little girl, I can look at her and know that she'll be taken care of no matter what.
Have any of you gotten life insurance or other voluntary insurance recently? What was your experience in choosing a plan, reading the fine print, etc.?
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We got life insurance when i was pregnant out-to-there, for many of the same reasons you did. We're in Canada, so the process is a bit different, but we found that, in our late 20s and in good health, a term life insurance (that gets our baby past college and our house past it's mortgage) was surprisingly affordable. Like, the cost of a decent restaurant dinner every month kind of affordable.
ReplyDeleteLater on, talking with a friend who had lost his mother at 11, he reflected that a lot of the more difficult parts of losing his mother could have been helped with minor amounts of money (to avoid the loss of the family house, counselling, etc...).
Next important step, though: writing a will so that it's clear where the life insurance goes and who should take care of your daughter should you die. In my experience: 800$ for a living will and actual will for 2 adults if they're all done at the same time, and worth every penny in peace of mind.
We're a bit older than you so it does cost more than a nice dinner out, but it's still affordable in the long wrong when you consider the benefits. And yes, a will is so important too!
DeleteThis is such a good reminder. I don't have any kids yet but I feel like my husband and I definitely need to look into life insurance for ourselves.
ReplyDeleteYep, it's really nice to have regardless of your situation!
DeleteLuckily I am able to be on a plan through Jesse's work insurance. Both my health insurance and life insurance and at a very affordable rate. I have to do a lot of research this year as they are switching the health insurance though...ugh!
ReplyDeleteAnother insurance I got about a year ago was disability insurance. This was something I had at my factory job that I didn't have being self-employed. It doesn't take effect until I am out of work for 3 months, but knowing that I am covered if something major happened helps put my mind at ease.
Another not-so-fun task we did last year was put together our wills. It's something we didn't even think about until my brother passed away. We put it off and put it off, but were glad once we finally had it done and in writing. It's never something you want to think about, but if you don't put it in writing, no one may know your wishes if it comes time.
It sounds like you're very prepared. That is so great!
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