Life-Saving Life Insurance!

As a nurse, you’re probably accustomed to making life-changing and sometimes life-saving decisions to benefit the patients that are fortunate to have been under your care.  That said, you’re certainly aware that a product such as life insurance has zero ability to actually save a life as you do, but it may very well save your loved one’s lives from financial ruin, and in turn, feel as though it is life-saving!

So often, as we go about our daily routine, we put very important items at the top of our list as they pertain to the feeling of immediate priority in our lives.  This isn’t uncommon, and I’d say without hesitation that this type of prioritizing is the norm, not the exception.

“What amount of life insurance protection is right for me?”

So, why as humans are we reactive instead of proactive when it comes to areas of our lives that are greatly important to us, even if we haven’t given them the proverbial “time of day” yet?

The answer I hear most often when meeting with a client is that they “don’t plan on dying any time soon” or that it is important but “there are other things that I need to tackle first.”  Perhaps it’s because I’m a financial advisor that topics like these are at the forefront of my mind.  I hear daily about stories from clients that create an environment that causes me to want to act and to also try to prompt my clients into acting – before it’s too late.

You see, no one plans on dying (aside from terminal illness), and if that were something we could plan for, perhaps the financial burden that it places on a family wouldn’t be as great.  It is by far the greatest unknown – with medical technology advancing the way it is, death could conceivably happen any time literally between right now and 100 years from now depending on the age of the person reading this!  Because of the uncertainty around when someone will pass, it is of the utmost importance to try to eliminate the financial burden it poses to surviving loved ones, because the lack of proper protection is guaranteed to be their greatest detriment!  What prudent person wants to subject their family to something as awful as that?

The mere thought of dying without having proper life insurance protection in place for my loved ones almost scares the life out of me in and of itself!

So, you may be asking: “What amount of life insurance protection is right for me?”  This is a case-by-case answer that only a licensed professional should assist with.  However, a great rule of thumb is to at least consider the amount of protection in dollars that are relative to what amount you would’ve financially provided to your family from today until the day you plan to retire (when considering this method, you may calculate for inflation costs, as well).

This amount is known as “Human Life Value.”  To give an example, let’s suppose you make $100,000 right now and you are 35 years old.  If you plan on working until age 65, you would then multiply $100,000 times 30 years (the difference between 35 from 65 years of age) and you would come up with $3,000,000.  That may seem like a large number, but if you’re of the mindset that I am, which is that my family’s financial well-being shouldn’t be compromised because I’m no longer physically here, then this death benefit amount wouldn’t be too farfetched.  Though a person can never be replaced, the income they would’ve provided to their family most certainly can!

So, though nurses are unquestionably life-savers themselves, life insurance can also give you the feeling that your financial life is being saved when times prove to be their toughest!

Written by Jason Frederico CreativeNurse Team member in Las Vegas

2017-40347  Exp. 5/19