“I’m too young.” “I’m healthy.” “I don’t want to pay that every month.” These are common thoughts people have about life insurance, says Carl Ivey, life advisor with American Family Insurance.
He says these thoughts are getting in your own way. Today is always the cheapest time to buy life insurance, because you’re always getting older. And the expense is more like paying for a tool — Ivey walks us through scenarios where life insurance can help in farm transitions, retirement and taking care of your family if the unthinkable happens.
Ivey wants people to rethink how they think about life insurance. He says especially for younger people, life insurance can be extremely affordable. He says many people don’t realize that one in seven people do not live until retirement age. And that at a certain point all people cross a line where they can no longer get life insurance, making it that much more important to have it in place while you are still in good health.
For farmers, life insurance should be seen as a tool. For farm owners, the income derived from the farm isn’t just for the family, it’s also the continuation of the business. Life insurance helps to cover the loss of income which can help protect from the loss of the farm for future generations.
While farming can be dangerous, Ivey shares that farming is not an occupation that would prevent someone from being able to obtain life insurance. He also shares that life insurance can be used to settle estates fairly when children are split between working on the farm and off the farm. Policies can be set up so that when one generation passes away, their life insurance can provide liquidity to the next generation to buy out others from the estate.
Ivey encourages talking to an insurance professional to find out options and discuss plans, and reminds us that it should be done sooner than later.
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