How Will We ever Afford this? Peace of Mind with Life Insurance

Having a Baby

Like many fathers, I can still recall the exact second I found out my wife and I were expecting our first child. It was in the morning and I was at work when my wife called after a doctors appointment. She probably should have waited until I got home from work before telling me as I don’t think I got anything done that day at the office.

At first I had thoughts of sheer joy. It was another milestone in life I had reached and I couldn’t wait for our child to arrive. I’d soon have a little buddy to fish and hike with. I can even recall contemplating getting a fishing rod on the way home so it was ready to go when the baby was born the following spring. My wife wisely advised against… she was right I guess, there was plenty of time.

These thoughts though, soon gave way to reality. How would we ever afford this kid? During my career in life insurance, I’ve talked with countless people in the same situation. I had never really put much thought into the figures though. Diapers, clothes, sports and hobby equipment ... COLLEGE … more diapers… Oh dear, this is adding up fast! Calm down Seth. It can’t be this bad, can it?

Like when I recall the second I found out we were expecting, I still remember when I realized the true costs I was facing. At work we had access to financial planning software and I ran a program that helps with college planning. You enter in the school you want your child to attend, the age of your child and it comes back with the amount needed to be saved each month in order to fully fund when your child reaches college-age. While I had high hopes for my son’s future, I first ran the numbers with him going to a state school as a commuter – I nearly fell out of the chair when the screen reflected that I needed to start saving $642 a month!  Deep breaths… deep breaths. Maybe he can go without diapers for a while…

It wasn’t long after that I thought to myself, how on earth would my wife be able to afford this if something were to happen to me? If something ever happened to me or my wife, my child’s future would be in serious jeopardy. Together, we will struggle to meet the financial demands, let alone if we were left by ourselves. A few days later both my wife and I applied for our first life insurance policies. Now we both have the peace of mind that if something were to ever happen to either of us, the remaining parent will have the means to keep the family’s future financially secure.

I’m sure this is a familiar story to those of you with children of your own. It’s fun to think back to those times and have a laugh at how we reacted – we were such rookies. Don’t make the ultimate rookie mistake though. Look into purchasing life insurance for yourself and protect your family’s financial future. Give me a call at 1-800-651-1953, as I can get you a free life insurance quote. I am here to help you get started.

About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s anonymous life insurance quote process and needs calculators. You can reach Seth at 1-800-651-1953 or SGowdy@pivot.com.