When someone mentions getting their affairs in order, it is typically in relation to an older person or someone who is terminally ill. There are plenty of insurance companies marketing life insurance for seniors. However, the purpose of life insurance, or even a burial insurance policy, is to provide for the people we have left behind.
Most employers understand this and offer employees life insurance policies at a discount. For families with one income, it makes sense to insure the parent who brings in a paycheck. If something were to happen to that person, the family would be left without an income.
It is just as important to insure the parent who stays at home, though. If something were to happen to me, my husband would be faced with hiring someone to come in and watch the kids, take them to homeschool events, help out around the house, etc. I may not bring in a paycheck, but I keep this household running. Hiring someone to step in would cost money.
More importantly, and something I have fretted about ever since we have had children, if what happens if both my husband and I die. We’ve been discussing making a will since the birth of our first child. The main reason we haven’t is the little matter of assigning a guardian. Periodically, I am reminded that we need to do this and I spend an inordinate amount of time worrying about this matter. My stomach turns and I want to cry at the idea of leaving our chidlren behind.
This year, I am vowing to do the responsible thing and finally get something in place. We are looking toward friends after ruling out extended relatives. I hate thinking about this, but when I have finally finished it, I can finally rest better. WebMD has some initial information about starting along this path. We actually have books on this particular subject sitting in our home library, purchased in one of those previous moments of panic about what would happen if we died, leaving behind our children. It’s time for me to pull those out, sit down, and do it.