Back your mortality with some bucks

Death has been on my mind. A little more than usual, lately.

I don’t deal with death well. Not a big fan. I’m not good at dealing with the death of others. I don’t like thinking about the possibility of my own. Though I’m not stupid. I have prepared for it somewhat.

My preparation does not include pre-paying my own funeral. I’m not that close to falling off the perch. Well, not according to my last lot of blood work. My liver function is still okay, apparently. Hey! Big surprise to me too!

But three things hit me within weeks recently.

A friend passed away. Not much older than me. Two teenage kids. She beat cancer once. But the secondary cancers got her. Husband and kids are now muddling through the days. Totally numb. Trying to find a new direction together that makes sense without their beloved wife and mother.

I recently gave a short speech on insurance, talking about a client whose life had changed forever by a testicular cancer diagnosis. A colleague in the audience, who was moved to tears, ditched her own prepared speech (to promote her business) to tell a story of her own brush with death and to urge the audience to consider what could happen to them.

One of the most positive souls I know is lady in her late 50s who has been battling a brain tumour for three years. She recently started yet another round of chemo. Last time we spoke, the positivity had drained. Not entirely. But enough.

The first had life insurance of $900,000. The second had trauma insurance of $280,000. The third had trauma insurance for $70,000 and income protection that has covered 75 per cent of her income for the last three years. And, sadly, there may be life insurance to come.

An insurance payout doesn’t buy your health back. But in every situation, it has removed “financial stress” after a life-altering event.

If you’re on my side of 50, death is not just saddening, but potentially catastrophic for those left behind.

Don’t ignore life insurance. For God’s sake.

You might die. Early. And if you’ve left a spouse and a couple of kids behind, do you really think saving a few bucks on not buying insurance will be something they’ll be “so happy” you did?

It’s actually selfish. To not have put some bucks in to play for your family in the event of your death …

As Molly Meldrum used to say: “Do yourself a favour”. (Molly also had his own brush with death, but that wasn’t what he was talking about.)

What sort of life do you want your wife/husband, and your gorgeous kids, to have, if you’re not around?

Consider your mortality. Then back it up with some bucks.

Bruce Brammall is the author of Mortgages Made Easy and managing director of Bruce Brammall Financial. E: bruce@brucebrammallfinancial.com.au.