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The cost of caring… or not caring

By Finbar Garcia LUTCF, FSS, MFA

We all care for ourselves and our families, but how far are you prepared to go to make them comfortable and happy for years to come?

Caring is not just an act of kindness, but extends into deep levels of love, going beyond the physical you. This kind of caring involves making many sacrifices for those you love. I am referring to your spouse, and children or even your siblings who may need extra care.

In the financial world, life insurance is referred to as the ultimate act of kindness and caring for those you love and will leave behind. Life insurance embodies the principles of common sense, caring and commitment. It makes financial sense by providing income protection.

For some people, this appears to be an additional monthly expense that they would prefer not to have, as it may take away from other expenses, namely their monthly entertainment amount.

However, the cost of life insurance is relatively cheap when compared to the amount of money you spend on unnecessary things every month and the value it will add to your family and you.

Reasons for buying life insurance are different for everyone, but the decision to purchase is at its core, all about providing financial security for the ones you care about. There are many benefits of life insurance, some of these are: debt liquidation, living expenses, medical expenses, education funding, income replacement, and the list goes on.

So, what if you don’t die too soon and you live a healthy lifestyle to retirement age? Your life insurance policy, depending on the type, would generate a cash value (savings) that you can use to augment your retirement lump sum. This can be accomplished through a series of policies that can mature at different ages. This will allow a better cash flow in your golden years.

Life insurance will give you a lasting peace of mind and will create a legacy for your family’s comfort. If you have a family or a business where others depend on you, then life insurance is the ultimate safety net. Upon your passing, a lump sum is paid to your beneficiary or business. This will allow for the plans that you had to continue.

Some believe when they die, their loved ones will be magically supported by everyone else for the rest of their lives, and they just relinquish all responsibility. This is a selfish act of not caring for your family. The cost of not caring is much greater than the premiums you will pay to secure some life insurance coverage.

Don’t wait until it’s too late, the cost of waiting increases as you get older.

1 Timothy 5:8 – “Whoever does not care for his own relative, especially his own family members, has turned against the faith and is worse than someone who does not believe in God.”

Call me for more information on planning your financial future. Send your questions to or call 620-1185.

Here are some things to consider before you purchase life insurance:

  1. Determine your goals, how much coverage do you need to meet those financial goals and how much you can afford now.
  2. Decide what type of coverage will meet those needs: Term or Whole Life policy.
  3. Consider what are the Death and/or Living benefits available on these policies. Can you add any additional benefits (riders) and at what cost?
  4. How flexible is the policy if you need to adjust, both increase or decrease in coverage and benefits.
  5. Work with a financial professional – this can make the process easier, and all your questions will be answered before a final decision is made.