A year ago my husband and I both signed up for a life insurance policy to be able to protect our family and assets should either of us ever pass on while our children are still young. I was really surprised at how inexpensive a term life policy is and the peace of mind having a policy in pace could bring. We welcomed our fourth child into our family at the end of last year. For some reason, adding a child to our family always brings up worries about what would happen if for some reason my husband and I were to die. It always gets us thinking about life insurance, our will, financial planning, and other similar concerns.
I read a great article by Yahoo! Finance that talked specifically all about this. It brought up really great questions such as:
“If you were to lose your husband tomorrow, would you know how many credit cards he has in his wallet, and the telephone numbers to close the accounts? If your wife were to die next week, would you know where and how to log on and pay all of your bills? Could you do something as simple as access your loved one’s email or Facebook account to notify friends of the death?”
My husband and I are really open and talk a lot about our finances, but I do most of the follow-thru and actually create our accounts, manage our budget and balances, and pay bills so some of those questions really hit home. A lot of the points in the article really hit home and have opened up the discussion between. My husband now knows how to find and login to all of our banking accounts and where to find the pertinent information our our life insurance policies should I pass away. I also think it’s important to have another close family member have some of these important details, too. I gave my mom a copy of our life insurance policies and our will so should we die those two most important things will be there to help protect our children.
Disclosure: This post is brought to you by Genworth Financial. Opinions and experiences above are my own. I will be compensated for my time and efforts on this post.