Financial Fridays – Life Insurance

Many people are suspicious when they hear life insurance. Images of sheisty salesmen similar to the car salesman that will sell you junk at a high price comes to mind more often than not. Before I dispel some of that information I want to share that it’s Life Insurance Awareness Month. I just found out it’s a thing yesterday.

I’m glad it is a thing because we need the facts on life insurance so we can make educated decisions when (not if) we purchase life insurance. Note to the hecklers, life insurance is least expensive when you’re young and healthy.

Many people mistakenly purchase life insurance believing they only need enough for burial. When the idea of life insurance came about there was no such thing as funeral expenses. Life insurance was created as an income replacement in the event the husband died unexpectedly. The widow left behind doesn’t have to work and can still manage the household and child(ren) without becoming destitute.

How many of you have insurance on your electronic devices? Why do you insure objects? For those of you with some life insurance: are you fully covered or covered enough to get buried? Would you underinsure your home? Would you underinsure your car? Why would you feel ok with underinsuring your life with too little or no life insurance?

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Financial Fridays

Good morning! Happy Friday! Happy end of summer (maybe)! Happy back to school! Happy end of August!

I haven’t been on in a while because I have been learning so much these past 8 weeks I am near bursting with wanting to share it all. I am looking to shift gears in my writing here so just stick with me. Financial discussions have always been touchy where I grew up. All of the adults around me kept their finances a secret because of the idea that everyone was out to steal from them. Maybe that was true, maybe it wasn’t. I didn’t grow up during their era. What I do know is that those beliefs created behaviors that essentially crippled the financial growth capabilities of the family for several generations.

What I am starting with this post is a forum for financial education awareness. In order for us to discover a solution for the poverty and poverty-influenced thinking in our communities we have to first acknowledge the poverty that exists. Next we have to honestly face and openly discuss why the poverty exists. What behaviors are we performing and accepting that contributes to our poverty-mindset?

What behaviors can we shed to make room for new financial beliefs and habits to create the financial future we want? For more information, comment below.

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