The battle buddy concept is one that I speak very highly of in the book and the blog. In case you missed it, you can read more about here.
When you relate the battle buddy concept in that of your own household, your family are your battle buddies. You are the one who takes care of them and they are the ones who take care of you – no matter what. That’s what battle buddies do for each other.
Now tying that in with life insurance: I read this article in the Wall Street Journal that talked about the number of US households that have no life insurance whatsoever and that number was startling to me. Check out this stat:
Over 35 million US households have no life insurance whatsoever.
This is nearly one third of all people in United States that don’t have any life insurance whatsoever. None. Zilch. Nada.
I want to stress how important it is to take care of your family, to take care of your battle buddies in case something happens to you. In case you are killed unexpectedly. life insurance helps ease the financial burden of your loss. Don’t be a blue falcon buy not buying any life insurance.
The number 35 million was an increase from last time the study was done in 2004 and the number was close to 22 million.
This was a 22% increase over last 6 years period. Wow! It is just amazing to me.
I know a lot is to do with the economy, people cannot cut expenses to try to make ends meet. I cannot stress enough but if you have to cut expense don’t cut it on life insurance premium.
Term Insurance is Cheap
Term life insurance is so inexpensive – literally pennies on the dollar compared to amount of life insurance coverage that you can get for purchasing it.
Just for example, when I took out my first policy, my first term life policy, I did a thirty year term policy, initially it started with $250,000 and sit cost me about 20 bucks a month . I actually think it was less than that, but at the high side it was 20 bucks a month.
That was how much it cost for me to take care of my wife if something happens to me. 20 dollars a month and 250 thousand dollars is what she will get in case something happens to me. It’s nothing. If you figure out how many times you eat McDonald’s value meals per month, how many times you waste your money on “stuff” when you could pay your life insurance premium.
4 Value Meals from McDonald’s Could Pay Life Insurance Premium
If you are trying to become Soldier of Finance, if you are trying to take charge financially, life insurance is a big part of that.
No need to stress again if you don’t have any, you just need to strongly consider getting some. I took out my first policy when I was married. I took out another policy when I had my first child. If you are a single individual your life insurance policy is not as important because all you have is yourself and you have no one responsible for. If you have a spouse or loved one then you must be there to protect if you are the battle buddy then definitely have some life insurance. Read my article that discusses why I feel that term life insurance is the best choice.
Don’t be a part of the one third that don’t have life insurance. It’s the time to step up and take charge.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.
My name is Jeff Rose and in my life I've trained with the U.S. Army to be an Infantry soldier. In my professional career I've trained to be a financial planner. The recent financial catastrophe brings to light how so many people have become victims of their poor
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I put my foot down and told my hubby that we would purchase term life insurance THIS year. We have been putting it off for so long, but it’s SO important. We first heard about it through Dave Ramsey. Now with your article, and hearing a friend purchase it, it’s just time to do it.