I was talking with my insurance agent and advisor just the other day and he related a sad story to me.  Although he has been my personal agent (handling my auto, home and more) for almost three decades, and in the business for more years than that, I could not remember seeing him so shaken. 

It seems that clients of his had recently suffered a devastating loss.  A young wife and mother had lost her husband suddenly.  What made this particular situation harder was that this loss occurred immediately following the birth of the couple's first child, leaving her a very young widow with a newborn infant.  Thankfully, life insurance was in place. 

Through thoughtful guidance, planning, and persistence on my agent's part, this grieving family was saved from financial disaster.  He was able to hand over a large death-benefit check to the young widow.  The look he saw on her face as she received the check was priceless and brought tears to his eyes.  Having become a grandfather recently, he knew it could have been his own daughter standing there suffering the same fate.  It hit just too close to home for him and knowing my friend, I now knew why this particular situation affected him so.

His message is this ... people, especially young people, can feel indestructible.  They think that nothing like the above can happen to them.  But, it does happen and from what my friend related, much more than we'd believe.  He says he unfortunately has a file full of these stories.  The financial impact these deaths have on the people left behind can be staggering.  The survivors are left behind to pay not only funeral bills, but continuing bills.  The utilities and taxes do not stop upon their loved one's death.  Banks still expect mortgages to be paid.  Car loans go on ... and so on.

Life insurance is a financial instrument, designed to minimize that kind of horrendous financial impact.  The monetary benefit received from this insurance does not bring anyone back, but it eases the stress that the surviving spouse or family are under due to the untimely death.  The time to buy life insurance is when you are young and don't feel you need it.  Yes, it costs money, but it is a sensible investment in one's future ... as this young widow can gratefully attest to. 

As a mortgage lender, I always cringe when home buyers want to stretch their budgeting capabilities to the maximum.  This ultimately can leave them vulnerable and unprotected for life's emergencies or catastrophies.  The unthinkable can happen, even to the young. 

My friend reminded me to impress this on my clients entering new mortgage situations, especially the young ones.  It is wise to leave yourself room for important life investments, such as life insurance.  Not doing so can be disastrous.  I promised him I would get that important message out.  So, thank you to Mr. Richard Stringham of Stringham Insurance Agency in Mokena, Illinois (www.stringhaminsurance.com).  Hopefully your important message has now reached many and they will be moved to take action to protect themselves and their families.