Discussing insurance and death with your spouse is a difficult task. However, failing to procure adequate life cover may leave you and your family in a financially difficult situation in case something unfortunate happens to your spouse. In case you and your spouse do not already have life coverage, here are eight tips to help you discuss the same:
- Find the right opportunity
Generally, talking about life insurance after the birth of a child or while financial planning is comfortable. It is important you do not wait too long to find the right opportunity as the premium increases with each passing year.
- Create the mood
You need to find the right place to discuss insurance coverage. It is advisable you take the time at home to talk about it when both you and your spouse are in a relaxed frame of mind.
- Focus on the family
Focusing on the benefits of life insurance for your family is advantageous. The conversation needs to include the crucial point of how the surviving members will help make a decision.
- Define the number of expenses
When discussing life cover, you need to identify the total number of expenses such as tuition fees for higher education, mortgage payments, and household expenses, among others. You need to help your spouse understand the difficulties you may face to meet these in case of their absence.
- Employer insurance is not adequate
If your spouse is covered under an employer group insurance policy, it may be inadequate. Take him or her through the coverage needed to meet your financial obligations to encourage him or her to avail of an additional coverage through an independent life plan.
- Show the quotes offered by insurers
Often, it is an assumption that availing of life insurance coverage is expensive. However, insurance companies offer excellent coverage at very affordable premiums. It is recommended you show your spouse quotes from different insurers to help him or her make the necessary decision.
- Seek professional advice
Life insurance agents meet with uninsured individuals daily to help and encourage them to avail of the required coverage. It is recommended you find an experienced and reliable agent who can guide you and your spouse on the right kind and amount of coverage needed as per your requirements.
- Persistence is the key
It is very likely that your spouse does not make the purchase decision the first time you discuss life coverage. Therefore, you need to be persistent and discuss the same again. You must be patient but firm as the financial implications of not having life coverage are significant and severe.
Double income nuclear families are increasing and wives are often playing a pivotal role in making financial decisions. Historically, husbands were the primary bread earners; however, today wives are equal contributors. Therefore, today’s women are more willing to assume the responsibility of broaching the subject and encouraging their husbands to avail of an insurance coverage.
Check online life insurance policies offered by insurers and get coverage today. Do not procrastinate and delay the decision as not having coverage may harm the financial wellbeing of your family.
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