As a parent, talking about life insurance with your children can be tough. The last thing that you want to talk about with your children is death: no parent or child wants to think about what their lives would be like without each other. But it is important to prepare them financially for the future and discuss your life insurance policy with them. “The talk” might be difficult, but being open and honest with your children about any preparations that need to be made, and making them aware of all your assets, will ensure that they are aware of your wishes, and ready when the time comes.
The Importance of The Talk
According to a survey conducted by State Farm, only 38% of American parents are comfortable talking to their children about life insurance, even though talking about this subject is just as important as any other that teaches your children financial literacy. But while this subject might be a very uncomfortable one to talk about, it has to be done, especially if you are considering purchasing a life insurance policy, or already have one. Talking with them about life insurance will help them to understand your wishes regarding your funeral, and will also let them know that there will be money available to help cover your final expenses, as well as provide for them when you’re gone.
Remind them that your purpose in bringing up the subject is to make sure they know you want to take care of them as long as you possibly can, even after you’re gone. Approach the conversation with love and concern for their future, rather than centering it around death, and you can end up having a very productive talk about what they can expect financially after you’re gone.
Finding The Right Plan
If you want to make sure that your children or grandchildren are taken care of when you’re gone, whether they are adults or minors, you need to find the right policy for you AND know the rules surrounding minor beneficiaries.
The best way to find the right policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with affordable rates, and give you ideas of how to cut costs. We have listed some companies to work with that will be able to find you the most coverage for the least amount of money. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.