Life Insurance, Because We Only Have One

A tweet from @oneonfire got me thinking today. His question was this:

Do you and your spouse have life insurance? We want to know for an upcoming podcast on how life ins. affects your financial intimacy.

My wife became really convicted about life insurance in late 2003. We had been married for almost 5 years and it was time to start making some long range plans. Life insurance was an item that she said would give her peace of mind. I was 25 and invincible, or so I thought. But, because I love my wife and value her opinions, I consented. We set up policies for approximately 10 times our personal annual incomes. It ended up being a great comfort in a very dark time.

I was diagnosed with testicular cancer about 8 months after our policies were in place. Since I am here to write this, you obviously can tell I made it through the ordeal. I have been cancer free for 5 year now (see the blog post below concerning My Survivor Story).

It was a great relief to have that part of our financial puzzle in place. I knew if something happened to me, my wife wouldn’t be left without. I feel much gratitude to God and my wife for making me see the life insurance light in enough time.

My question to you is this: Life happens whether we want it to or not. What steps are you taking to safeguard yourself when the cold winds blow?

Thanks @oneonfire. That was a good lesson to remember.