Life insurance isn’t just for the ultra-wealthy or the overly cautious—it’s for anyone who wants to protect the people they care about. Something that keeps me up at night is under-insured clients – younger, under-insured clients.
Do you remember being a scrawny kid and thinking that you had your whole life in front of you? Do you remember being coached in high school that your life started when you walked out those doors after graduation? College wasn’t any different. Your life always started after the next venture, the next career, the next relationship change, or the next relocation. Now, many years past all of that do I realize that my life had “started” all along, and that even though on some days it may not feel like it, I still have my whole life in front of me. The statement’s not false. It can never be false. My life is in front of me until it’s not.
And when it’s not in front of us, well, let’s talk about life after death for who we leave behind.
My brother-in-law unexpectedly passed away on his 26th birthday. He, my wife, and I were the same age. We had been in the same classes, the same vacations, the holiday dinners, the same memories. I witnessed grief first-hand as his passing strangled my wife and her family. I saw my wife’s hopelessness as she left the Tupperware container of peanut butter chocolate chip cookies on our kitchen counter for weeks, not wanting to throw away the dessert sealed under that red lid that she had baked for his birthday dinner we never had.
When it comes to life after death for all the people around you, I’ve found the grief hits first, maybe denial, wanting an explanation, a reason why, and then the prayers, and depending on who passed away and if it’s a child, the pleas to take you instead. Then when you heal and think about the life that’s still in front of you, yours, your kids, your sisters, or whoever comprises your inner-circle, what comes next is a lot of paperwork.
I know this isn’t an easy topic. I pray that I’ll be able to live as long the grandparents that had such a big hand in raising me, but that’s the thing, we just don’t know, and the last thing that I want to create for my family is financial burden coupled with the grieving process. Some of you may think, “Okay, I understand this, but I have coverage through my workplace. I’m good.” Coverage doesn’t mean you’re actually “covered.” Many employers offer basic group life insurance—often at little or no cost. It’s a great starting point, but this “coverage” is usually limited (1–2x your salary). “Coverage” that most likely will not follow you if you change jobs. “Coverage” that may not meet your life insurance needs for the objectives of the policy. Everyone’s “coverage” is different based on his/her financial situation.
So let's hit the high points:
Who Needs Life Insurance?
If your absence would create a financial ripple effect, life insurance is worth considering. That includes:
- Parents: To provide for children’s education, care, and stability
- Homeowners: To prevent loved ones from inheriting mortgage debt and/or forcing the sale of the home
- Business Owners & Farmers: To protect operations, fund succession, or avoid forced asset sales
- Spouses or Partners: Especially when one partner relies on the other’s income or caregiving
- Anyone with co-signed debt: Student loans, business loans, or joint credit lines
Think of life insurance as a financial safety net.
What’s the Purpose of Life Insurance?
Life insurance is a contract: you pay premiums, and in return, your beneficiaries receive a lump-sum payment (called a death benefit) if you pass away while the policy is active. Its purpose is to:
- Replace lost income for years to come
- Pay off debts and final expenses
- Fund future goals like college tuition or retirement
- Preserve generational wealth
- Support charitable causes
- Provide peace of mind
It’s not about betting against yourself—it’s about betting on your family’s future.
What Types of Life Insurance Are There?
Here's a quick breakdown:
Each type serves a different purpose. The right one depends on your goals, budget, and stage of life.
Where Can You Buy Life Insurance?
You’ve got options:
🏢 Through Your Employer
👔 Through an Insurance Agent
👔 Through a Personal Financial Advisor
This is where customization matters. A financial advisor (like me) can help you:
- Calculate the right coverage amount
- Compare policy types and carriers
- Align your insurance with your broader financial goals
- Integrate life insurance into estate or business succession planning
Buying through an advisor means you’re not just getting a policy—you’re getting a plan.
I use life insurance for risk. If a client can afford to retain the risk, then we will, but there’s a sweet spot. Two specific areas would be buy-sell, like business transitions, and long-term care. Life insurance isn’t about fear—it’s about providing. It’s about making sure your family or business can grieve without losing everything after losing you.
If you do want to know what your life insurance need is, send me a message or schedule a free consult. We’ll determine your life goals, how life insurance fits those goals, your need amount, and then get quotes, at no charge to you.
Resources:
MarketWatch Guides Team. “2025 Life Insurance Statistics.” MarketWatch, 9 June 2025, https://www.marketwatch.com/insurance-services/life-insurance/life-insurance-statistics/.