Protecting Your Family by Protecting Your Income

Updated: May 19, 2020

Let’s imagine for a moment that I gave you a ‘magic’ toaster. And every two weeks, out of that toaster popped $2500.

Whoa! 😲

Tell me something,…… would you insure that toaster, like you insure your car? OF COURSE! Would you insure that toaster, like you insure your home/rental? OF COURSE!

Guess what? YOU are that toaster for your family! 😲 Your income is your family’s income EVERY payday. So if you would insure an imaginary toaster, wouldn’t it also make sense to insure your income?

I know what you’re thinking… ‘How does someone insure their income?’

Well, let’s continue with the ‘why’ part of insuring your income first.

Do you know your birthday? Of course you do. My birthday is December 19th, (bet you thought I was going to put the year 😉)

Now, Do you know your death day? ……. Wait! What’s a death day? Exactly what it sounds like.

Do you know the date of your death? The answer to that is No. If it’s yes, I need you to send me an e-mail so we can capitalize on your talents immediately 😂 …. Just Kidding

Some people may think that I am making light of something serious, but the fact is, that death is part of life and living, and my mother has taught me that I can choose to celebrate someone’s life, as well as mourn their death. However, death is inevitable. It will happen.

So back to not knowing your death day; I’m sure many of you have heard the old adages ‘Time waits for no one,’ or ‘Procrastination is the thief of time.’ TIME is your most VALUABLE possession.

But when your ‘time is up,’ what happens to your family’s magic toaster?

How are they going to cover the expenses that were previously covered by your income?

Consider for a moment, everything that will NOT be PAID when you are gone.

How will your family’s lifestyle change?

Will your children still have a chance at obtaining a college education?

Will they still be able to afford to live in your family home?

What about an elderly parent who depends on you for support?

If the answers to these questions are too much for you to bear, or they are answers that you are not comfortable with, then consider the virtues of LIFE INSURANCE.

First of all, the purchase of LIFE INSURANCE is one of the most SELFLESS acts of LOVE that a parent, guardian, or spouse can do for their loved ones.

Why? Because it is a purchase that you have no chances of ever benefiting from financially.

HOWEVER, for your children, it could be the difference between qualifying for a job that requires a college degree and not qualifying because they only have a HS diploma.

Maybe you’re already saving for their college expenses, but do you know if you will die before saving the actual amount they will need?

What about your spouse? Will they be able to cover ALL of your FAMILY expenses on their income only? Will they have to choose between buying groceries and paying the bills?

For those of us WITHOUT a lump sum of cash sitting in the bank that can take care of these expenses, life insurance is a way to create such an estate in the event of an untimely death.

For example: Term Life Insurance allows you to purchase that lump-sum (for example $500,000 or $250,000 for each spouse) for a low monthly cost of around $80 for a 30-year term. Please note that this is just a random example. Actual costs and death benefits for life insurance vary based on factors like age and term. If you would like a personalized QUOTE, please Schedule your appointment now. **Appointments will be held via Zoom.

Whoa! 😲

Notice, in the example above, I mentioned that there was a ‘term’ of 30 years. Some people may be familiar with Cash Value aka Whole Life Insurance that lasts for the duration of your lifetime (however long that may be, up to age 100). Here are some compelling reasons, in simplest terms, that term insurance is better than Cash Value/Whole Life insurance.

  1. In cash value/ whole life insurance, you accumulate a ‘savings (cash value).’ HOWEVER, you essentially pay for both parts - savings and death benefit, BUT upon your death, your family can only get ONE of those things….🛑 WHAT?!?!? So you're paying for two parts, but can only get one? Yes. That is precisely why I advocate for Term Life Insurance.

  2. You can ‘borrow’ from the ‘savings(or cash value)’ portion of your policy, but you have to pay it back with interest, or the death benefit your family receives will be decreased by the outstanding amount of your ‘loan.’ - 🛑 Wait, what?!?!?! Yes. You can ‘borrow’ YOUR OWN money, but you have to pay it back WITH INTEREST or it is deducted from the amount your family gets upon your death. Yes, I said that twice, in case you didn’t get it the first time.

Have more questions? Schedule your appointment now. **Appointments will be held via Zoom.

What about life insurance through your employer? Well, that is an AWESOME benefit to have.

The Problem: What if you’re laid off? Or switch jobs? Or become disabled? Is it even enough to cover more than just funeral expenses?

I’m NOT saying to cancel or forgo this benefit. What I am saying is that you NEED to have your own private life insurance as well. And IT CAN BE AFFORDABLE!

Hopefully, you see the VALUE in insuring that your family is properly protected in the unfortunate event that they lose you, and you are ready to take the next step to acquire the coverage that you NEED.

As an independent, licensed representative of Primerica Life, I can provide a complimentary, personal, confidential analysis of your financial situation using our Financial Needs Analysis tool. Schedule your appointment now. **Appointments will be held via Zoom.

Not quite ready to schedule an appointment?

Request a copy of the How Money Works Brochure: A Common Sense Guide to Financial Success

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