Why waste a single moment on unnecessary worries about your family’s future?
By Karen Bjerland
In 1977, the rock group Fleetwood Mac released the song “Don’t Stop,” which peaked at number three on the music charts that year. In 1992, U.S. presidential candidate Bill Clinton used this popular song as the theme for his first campaign. At the 2000 Democratic National Convention, Clinton ended his speech by saying, “Keep putting people first. Keep building those bridges, and don’t stop thinking about tomorrow!” We may not agree with everything Clinton said but he was certainly right about putting others first and thinking about tomorrow.
The Apostle Paul encouraged the Christians in Philippi to love each other in humility. In Philippians 2:3-4 he said, “Do nothing out of selfish ambition or vain conceit. Rather, in humility value others above yourselves, not looking to your own interests but each of you to the interests of the others.”
Guard future interests
If you don’t have life insurance to guard the interest of your family, they could be at risk if something happens to you. Dying does not create a need for insurance, but the result of death does. Life insurance exists to provide money you or your family do not have when a breadwinner’s income stops. If no one is relying on your financial support, then you have no life insurance needs—but you may want to consider some life insurance wants.
Life insurance needs include:
- Buying loved ones time to grieve without financial stress
- Maintaining stability—keeping your family at home, in their school and in their community
- Providing an income stream to maintain your family’s standard of living
- Paying off debt or loans
- Pre-funding a child’s education
- Keeping a family business “in the family”
Life insurance wants include:
- Creating an estate;
- Wealth replacement;
- Charitable giving.
Life insurance can do some amazing things for people so it’s a good idea to have your insurance needs reviewed regularly by your financial representative. Clearly, the younger you are when you purchase a life insurance policy the more economical it will be for you. Not only will you and your family be covered for a longer period of time, but life insurance is more accessible in good health and the premiums stay lower.
Life insurance benefits include:
- Immediate and tax-free coverage of final expenses
- Protection for your heirs from taxes that can reach as high as 50 per cent of your estate
- Development of cash value for future financial needs
- Peace of mind knowing your family is protected from financial trouble if you are gone
When thinking about tomorrow it’s important to remain balanced—knowing that ultimately it is God who takes care of us and the big picture surrounding our loved ones. He knows the plans that He has for us and we are to trust in Him. “Therefore do not be anxious about tomorrow, for tomorrow will be anxious for itself…” (Matthew 6:34).
Thinking about tomorrow and planning to guard the interest of your family doesn’t mean you are being anxious. In fact, life insurance is really about “living” without wasting a single moment on unnecessary worries about your family’s future. Have you thought enough about tomorrow?
Karen Bjerland is the president and CEO of FaithLife Financial.
THE ARTICLE ABOVE WAS FEATURED IN THE MARCH/APRIL 2013 ISSUE OF SEVEN MAGAZINE. GET SEVEN FREE