Life insurance is one of the best ways to ensure that your loved ones are covered financially in the event that you die. However, despite the obvious benefit, it can be a sensitive subject for families.
After all, no one likes to think about their own mortality or the mortality of their loved ones. But despite the potential unpleasantness about discussing life insurance, actually having it can be the greatest gift you give to your family. Read on to find out how both parents and kids can talk to each other about life insurance.
How Kids Can Talk to Their Parents About Life Insurance
Broaching the subject of life insurance with your parents can be difficult, to say the least. Children might expect parents to bring up the issue themselves, and can be disappointed if they don't. However, there are many reasons why parents don't bring up the subject of life insurance.
Perhaps they:
•Can't afford it •Don't think you need it •Think they will be turned down •Think it's none of your business •Simply don't want to think about it
However, having an open and honest discussion about life insurance can help both parents and children in the long-run.
If it's really important to you that your parents have some sort of life insurance policy, you can address all of the reasons why they may not have brought it up in the first place.
For parents who can't afford it, children can offer to pitch in with the monthly premiums. Alternatively, there are policies that offer very little coverage so that the premiums aren't very high at all. The reason for having minimal coverage may simply be to cover funeral expenses, which typically range between $7,000-$12,000.
For parents who don't think you need it, it's time to tell them that you do. (Of course, only if you really do.) Your parents might think that you have a great career and don't have many expenses, but if you really could use help in the event they die, it's time to tell them now, before it's too late.
For parents who think they will be turned down for life insurance due to health reasons, there are plenty of no exam policies that don't ask invasive questions about health. Some of these policies ask some health questions, while others ask none and offer guaranteed approval.
For parents who think that their affairs are none of your business, it's time to respectfully tell them that you'd like to be involved in things that concern your future. You can share your situation with them and offer your help so they can get the best policy.
For parents who don't want to think about it, speak kindly and remind them how much they've given you, and surely they would like to continue to help you for as long as they possibly can. It's never pleasant thinking you may not be here one day, so a gentle, loving tone is key.
Above all, remember that your parents love you, so if they haven't gotten a life insurance policy, there is a good reason. If you really feel you need it, speak from the heart and let them know how much they mean to you, and how much life insurance coverage would mean as well.
How Parents Can Talk to Their Kids About Life Insurance
It's usually easier for parents to talk to their kids about life insurance than the other way around. It's natural for parents to think about life insurance and the future of their children as they age. Parents who bring up the subject of life insurance do so because they sincerely care about their children's future and want to make sure that they will have a comfortable cushion to carry them through difficult times.
The main thing to keep in mind when broaching the subject of life insurance is that children, no matter what age, might not like to hear that their parents won't be around someday. A lot of sensitivity may be required. However, the discussion also calls for practicality, including how much funds they would need if you die suddenly and for how long the policy would need to be in place.
If you're a parent who wants to encourage an adult child to get life insurance, the same combination of sensitivity plus practicality is needed. People in their 20s and 30s don't always have the same outlook as those who are older, so life insurance may seem like a far away notion that doesn't really concern them.
In this case, parents can encourage their children to stay away from risk as much as possible. No one wants a tragedy to happen, but the tragedy would be compounded if the person's loved ones were not looked after.
Whether you are talking to your parents or children, coming prepared with information and quotes is a good approach, JCT Insurance Agency advisors are available to help you determine what kind of life insurance is best for you.
For more information call JCT Insurance Agency at (626)354-2000 or email jctfinancialsvc@gmail.com