Talking to your spouse about life insurance can be extremely difficult. Discussions about death and what will happen afterwards, especially with the finances, is a touchy subject at best. The reality of dying without life insurance, however, is far worse than the discussion you will want to have about life insurance. If you are planning on having this discussion, here are a few tips to make it easier:
1. Wait for the right time.
You do not want to spring this discussion on your partner out of the blue. There is a right time for discussing life insurance, and that is usually after estate planning, having a child, a birthday, or the end of the year.
2. Pick the right place.
The last place you want to be having this serious discussion is while driving to work or while running errands. Have the discussion in your home, at the kitchen table or while sitting together on a couch. Being in a relaxed environment can make the conversation less stressful.
3. Frame the conversation with your family’s needs.
Once both of you understand that life insurance is a necessity, as it helps a family move on and deal with the death of a loved one, as well as gives them time to start looking for other sources of income, it is much easier to talk about. Instead of just talking about death, you are talking about giving the surviving members of your family a better life.
4. Get some life insurance quotes.
In general, it becomes more and more expensive to buy life insurance the older you become. As you prepare for this conversation, start looking for quotes. Just about every insurance company now provides online quotes, allowing you to get a good idea of how much coverage you need and can afford.
5. Ask for help.
Meeting with an insurance agent is a great way to not only understand how much insurance you need to buy and who you should buy from, but also the benefits of having life insurance. If one or both of you are reluctant to actually buy a policy or even to have a discussion about policies, bringing in an expert in the form of an insurance agent is a great way to learn as much as possible and find a policy that really works for you.
