In case you aren’t familiar with the phrase “push present” it refers to the gift your husband gives you for carrying his child for nine months and going through hours of labor. It is the least he can do after all. Most women have their hearts set on a new ring, necklace, earrings, or really anything with diamonds. Since nothing seals the deal like a new, sparkly rock! Or maybe it’s a designer handbag. If you aren’t pregnant or are past the point of gifts, this post can still relate to you and your significant other. Maybe for a get out of the doghouse gift some men like to have just in case you say, “I'm fine” but are most definitely not fine.
For me, the best thing a father or mother can do is purchase life insurance for their families. I won’t get into the boring details about a life insurance policy, how it works, what type to get, you should just get one, any one you can afford. We’ve met with widows, widowers, and sons and daughters of a lost parent, and the sadness and grief is plenty for them to handle. They don’t need you to leave them in financial ruin or trouble too. One woman I met on a plane years ago told me her husband passed away. He was young and it was a sudden death. Neither of them had anything planned for their estate; so no wills, no insurance, nothing. They had two children, and now the wife has to sell their house, take out loans for the children's college, and find a rental to live in. Her son and daughter now think, how could their father not have planned better. Did he not care about them enough to buy some life insurance? So instead of them thinking of their father as the great man he was; unfortunately, they think about how he left them with nothing and in debt. I'm sure their father and husband never thought his death would happen so soon. This is not the legacy he wanted to leave and he ran out of time to get the righter documents in place.
So before you say estate planning is for the elderly or that you don't want to think about dying, put your family first. Proper planning will allow your family to look at you as the amazing person you are. You can leave them in a good financial place so they don't have to worry how they will get by while also grieving your death.
When deciding what type of life insurance to buy, think about the following factors:
Every couple or family situation is different, so their needs for insurance are different. Some people say only buy term insurance because it is cheaper than the other types. While other people say term insurance is a waste of money. For me, if term is what you can afford, it is better than having nothing in place. There are various ways you can use life insurance in your planning, and I would recommend speaking with a financial advisor about what the best options are for you and your family. You can use both term and permanent so you will get the benefit of saving some money while having some permanent life insurance that you can keep it for life. Share this information with your significant other so you can get the process going and get your plan in place. You aren't buying life insurance, you are investing in your legacy, and your family's assurance they will be taken care of.
And don't forget, you can always ask for the diamonds too.
Jessica Weaver, CFP®, CDFA™, CFS®
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Jessica Weaver and not necessarily those of Raymond James
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition if a policy is surrendered prematurely, there may be surrender charges and income tax implications. Guarantees are based on the claims paying ability of the insurance company.
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