Learning Lessons in Life Insurance
She was the first friend I made at my first real job. I remember how Amy popped her head in my cubicle, introduced herself, and showed me the ropes. It didn't take long before we were joking around with each other like we'd been friends since kindergarten. I remember the day when, at age 28, she pulled me into an empty office to say she had breast cancer. I'd never known anyone to have cancer, so I didn't know how to react or how serious it could be. She was young, had a great career with an insurance company, was married, rented a home, and had no children.
The first round of treatment was rough, but she made it through, and the whole time we were still able to joke about everything, including cancer. I don't remember how she told me that she had cancer for a second time, but I remember her going through it. We were still able to joke about anything, still including cancer. At that point, she was working at the same, solid company, still married with no kids, but this time she owned a home. I also remember the time she told me she was pregnant. That's right, after going through breast cancer twice, she was going to have a baby! Everyone silently crossed their fingers, hoping that her child would be healthy.
In October 2008, she miraculously gave birth to a happy, healthy baby boy. By this point, she was doing well in her career and her family depended on her income. Not long after her first child was born, she was laid off from that steady job due to the economy. I was at Keller-Brown when I remembered a phone call from her during work. She had cancer for a third time, but this time, we weren't joking. This time, it wasn't curable.
She was so weak, her bones so brittle that she couldn't lift her son. I took a day off work to help her around the house. Her son was napping when I asked her if she had life insurance. "No," she said. "I was young and stupid and only bought life insurance through work. I didn't just lose a job when I was laid off - I lost my life insurance, too." Now, with a mortgage, an infant son, and no job, she is without life insurance.
Battling an incurable disease, Amy had the strain of knowing that her family would face even more of a hardship after she died. I cannot imagine that stress. Amy learned a brutal lesson: When you lose your job, no matter how secure it is, you lose your life insurance. I couldn't do anything to make Amy better. But I can stress to you, from a heartbreaking and personal experience, to please value your future and your family enough to invest in both. You may have insurance through work, but no job is secure. You may have had a whole life policy for a while, but interest rates are so low now, you may unknowingly have an underfunded policy whose value is, therefore, eroding. In the best case, you may have a term policy, but rates are so good right now that you may actually be able to buy more insurance for less money.
It was too late for Amy, but I care deeply about our community and hope that this unfortunate story can prevent someone from the financial burden that my dear friend carried in those most difficult of times.
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Feel free to access our additional life insurance resources below to answer some frequently asked questions:
- Life Insurance for Parents and Young Families: What You Need to Know
- Debunking Common Life Insurance Objections: Why It's a Crucial Investment for Your Future
- Why Business Owners Need Life Insurance: Protecting Your Business, Your Family, and Your Future