We are a one-income family. Now I have struggled with that reality for some time. Not because I think my wife should work. No, we decided a long time ago that she would stay home to invest in our kids, and I would work. It was an excellent choice for us; perhaps it is different for you.
However, two things I have struggled with through the years.
One, can we generate additional income sources in our life. So, on top of doing some personal life coaching for people. At the moment of writing this, I am also developing another small business option around helping people master their money(Investment, insurance, debt reduction, financial Education, etc. – want to learn more? Let me know or looking for help )
Two, I have wondered what would happen if I would die or get seriously injured, what would my family do?
We have worked hard to have no debt in our life and keep reasonable control of our budget. But death is a massive disruption to life.
In one of my roles as a pastor, I have buried enough people to know the cost around the time of death, can be a burden for families.
So I am on a journey, learning about life insurance and investments and how it can help.
Life insurance is about trying to manage the potential of disruption and the financial impact upon my family. As a Dad, it is about taking responsibility for my family. My young family and wife depend upon my income.
As I look at financial planning in my life, I am coming to see this as a foundation for caring for my family.
What about you, how have you developed or planned for the risk of and reality of death?
What questions do you have about life insurance? Have you found a better option than life insurance?