For the longest time, my husband and I had the same life insurance coverage. We figured that my home business of freelance writing wasn’t making that much more than what he was making. But then, last year, two things happened that made us change our tune:
1. We bought a house.
2. We figured our taxes and realized how much my home business does bring in.
Armed with this knowledge, we decided that my insurance coverage needed to be upped to pay off the house and to provide for the raising of our son should the unthinkable happen.
So we bought a term life policy that covers me. This is in addition to the smaller universal life policy that we already had on me (we kept my husband’s coverage the same).
Life insurance is one of those necessary things. If you have a home business, make sure that you go back and get the coverage you need. Your home business may be contributing more to your household than you realize.
I recommend this article on the 8 common life insurance mistakes to help guide your decision.
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Nice post. Many people don't realise that after some big change in life (buying a bigger house for example) they should adjust also their life insurance. Some cheap term life can usually do the job. It will cost you maybe $20-$30 more, but you can feel safe again…
Take care
Lorne
Posted by: Toronto life insurance broker | August 18th, 2008 8:50 am |
Thanks for your comment! Yes, the point of life insurance is to make sure that you have the people you love taken care of. It costs us about $18 more per month for my increased coverage, but we do feel a much better sense of security, and I have peace of mind knowing that my husband and son will be able to meet their expenses.
Posted by: Miranda | August 18th, 2008 8:56 am |