How Insurance Saved These Families

Alden Wicker
Posted

Life isn’t always sunshine and rainbows.

There are the joyful events: marriage, the birth of your kids, running your first marathon, getting promoted, going on the vacation of a lifetime and watching your kids graduate.

And then there are the setbacks: bad falls, illness, job loss and death. (Sorry to be a downer, but it’s true.)

That’s why you pay for life insurance. Because during the good times, you don’t want to worry about what will happen when the bad stuff comes.

RELATED: How My Dad’s Life Insurance Saved Our Family

But you may be surprised that insurance can improve your life during the joyful times too, like when you’re expecting a baby.

To illustrate, we describe two common events that could happen to you and your family—and show you how life, disability and health insurance could help you during these times. If you find yourself nodding along—or wondering if you would be taken care of if something bad were to happen—it’s time to do your insurance homework and make sure you’re protected.

RELATED: I Want to Get Life Insurance Checklist

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    • Alexis Greenwood

      On a personal note, from one woman to another: don’t apologize for presenting truthful information. “And then there are the setbacks: bad falls, illness, job loss and death. (Sorry to be a downer, but it’s true.)” Apologizing for presenting important information hurts the reader’s perception of you. Don’t try to lessen the blow. Your job as an author is not to apologize, but to present, persuade and provide information. No apologies needed. Otherwise, wonderfully written and very helpful reality check regarding insurance.

    • Maggie

      Very good article! It’s difficult to think about those things, especially when the risk seems relatively small, but the reality is- things happen, and they’re rarely expected.

      When I was 24 and healthy, we had a baby. Despite being “healthy,” I had a rare and life-threatening complication. I never did see the EOB, but I’m sure my hospital stay- including ICU and lots of imaging tests, was likely over 6 figures. Our portion was about $12,000!! I was grateful for good health insurance during this time, but it was a wake-up call for our family! Had things not gone well, my husband would have been up a creek with medical bills, child care bills, etc. on top of working while raising a newborn alone. Since we were in our mid-20′s with no health issues, as far as we knew, we had never thought about life insurance. We also hadn’t thought of making a will.

      We had saved up and planned for me to be a stay at home mom until our baby started kindergarten. Since my job had previously provided our health coverage, we planned to purchase private insurance when cobra ran out in order to make this plan to work. This was before ACA, so the “pre-existing condition” label prevented us from purchasing insurance on our own. Testing revealed that I was genetically pre-disposed to this complication. Therefore, insurers that didn’t flat-out reject me wanted more than our mortgage payment for minimal coverage. So minimal that it wasn’t worth having at all. So, instead of staying home to raise her, I had to return to work much earlier than planned just to get health insurance and pay the help medical bills that were eating up our savings. And I had to pay someone else tons of money to raise my baby. I had to miss milestones and those priceless first years. Still, I’m thankful. I survived. Sadly, 1/3 of women with this complication do not.
      I tell my story so that other young couples can plan accordingly. Prepare for the worst, and hope for the best!