The other day I watched Hamilton for the first time. I knew a lot about Alexander Hamilton before seeing the musical, but one thing I didn’t know much about him was his family. After watching it I googled him and learned that he was in his late 40’s when he died. He had a few children including a 2 year old child at the time of his death. I learned that he was not in the best financial situation when he died, and though his wife came from a wealthy family, they struggled financially after he died. I instantly though of life insurance and how it would have been so beneficial to his legacy…but I’m sure participating in duels would have cancelled any policy he could have had.
I never really knew much about life insurance for most of my life. I knew it was a thing, but I didn’t understand truly what it was, how it worked, or why people had it. I basically just knew that the term “life insurance” existed. I didn’t know anything about it because, as far as I know, life insurance was never something my family ever had. My parents never had it and I don’t think any of my grandparents ever had it either. It wasn’t something that was ever discussed in my family.
As I got older I started learning more about it. Once I finally researched it and learned all about it I thought it sounded pretty amazing. The idea of purchasing financial protection for your loved ones was incredible. It blew my mind that such a thing existed.
I had known plenty of people who had died younger than expected, or who passed away without a strong financial footing for their loved ones. I had seen those loved ones left behind have to struggle and adjust to their new lives without the financial stability they previously knew. It made perfect sense to me that you should prepare for such an event so your loved ones are taken care of. Life insurance seemed like one of the best ways you could take care of your family in this way.
Before I got married the benefits at my job offered life insurance. I received $50,000 in coverage free from my employer and I had the option to buy more. For about $10 a month I was able to add another $100,000 in coverage. I did that so my mortgage could be paid if I died. I made my mom the beneficiary. I thought it was the smallest little thing I could do to repay her for all she had done for me. This gave me comfort knowing just in case something happened to me, my mom would be taken care of.
I know buying life insurance through your employer isn’t the best or cheapest way to get life insurance, but at the time, I didn’t know much about it and it was very easy to just sign up, so I did.
After I got married is when I started really trying to learn more about life insurance. I wanted to be responsible and figure out how best to protect the family I was starting. After my wife told me she was pregnant and we were expecting our first child, I immediately decided I needed to get some serious life insurance. The weight of responsibly that came on me was real. I knew I had a little perfect life I was now fully responsible for. Within a couple weeks I had started the process to lock down a life insurance policy. I remember, the moment I paid that first yearly premium. It felt amazing knowing that my little baby would be taken care of financially if something ever happened to me. I felt free and in control. I had some many plans for my baby, so many dreams. I knew that because of the insurance policy I could help my baby achieve her dreams even if I wasn’t there to help her.
I knew that my legacy would still be in place even if I didn’t get the full amount of time to develop it. Part of my legacy planning of course involves financial stability. Though it is not the most important part of my legacy planning, it is essential to create an environment and situation where I have the capacity to focus on the most important part of my legacy building, such as developing a strong relationship with my wife and children, spending time with them, and teaching my children how to become successful adults and legacy builders themselves. Yes, I am always working to secure a strong financial footing for my family, but my life insurance policy gives me the comfort knowing that I can focus on building the other aspects of my legacy plan and just in case, the financial part will be taken care of if I not here to build it.
I knew that my legacy would still be in place even if I didn’t get the full amount of time to develop it.
I can now focus a little more on writing and preparing for the things I want to teach my daughter about the world and about life. I can build a curriculum of sorts, to teacher her the things I believe and have learned that can help her excel in life. I can compile and prepare all the things I want to share with and teach her, so if I go too early she can still learn from me, and because of my life insurance, she can focus on learning those things.
To me, my life insurance is simply a backup plan. I got a 30 year term policy. Having a term life insurance policy is also a motivator to me. It gives me the comfort knowing my family is safe for the next 30 years, but it also motivates me to become self-insured by at least then…and hopefully well before then.
If you have children or have one on the way, I highly recommend getting a life insurance policy as soon as possible. The comfort that comes with financial preparation is amazing. It is the easiest way to secure a financial legacy for your family instantly.
