Life may be beautiful, but chances are, life is also busy...so when you and your partner finally have some free time to spend together, the last thing you probably want to do is make plans for when it ends. However, while it may not be something that you would want to talk about, a conversation about life insurance is not just helpful, but essential.
Maybe up until this point, you’ve managed to avoid the topic of life insurance, pushing it around like a toddler pushes around broccoli on her plate. We get it. It’s a tricky subject to navigate, emotionally speaking.
Skipping the conversation about life insurance can leave your family vulnerable, though. Just talking about it could be the first important step toward better financial protection for the people you love. And even if you already have some coverage, you may want to discuss final expense life insurance. At an average of $8,000-10,000, a funeral bill isn’t exactly the legacy you want to leave for your loved ones, and adding a life insurance policy may help cover some of those costs.
We’re not suggesting that you and your partner should spend time dwelling on death, but planning for death can actually be pretty empowering…especially when you do it together. Here are a few tips for making that tough conversation a little bit softer around the edges.
Show up ready
What usually happens when you try to talk to someone about something that neither one of you wants to talk about? Chances are, at least one of you tries to change the subject, right? It's important to come to the table/couch/front porch with a plan to keep the discussion on track.
What expenses do you foresee that life insurance will help to cover? Here are a few examples that could be good jumping-off points for a productive conversation:
- How much life insurance do you estimate you may need at this point in your life?
- What expenses do you foresee that life insurance helping to cover?
- What’s your target monthly budget?
- What are your end-of-life wishes?
A time and place for everything
If possible, block off some time to talk so you don’t feel like you’re rushing the conversation about life insurance. Trying to squeeze it in when you’re multitasking, tired, or hungry probably isn’t going to result in the outcome you’re hoping for.
The right environment can go a long way, too. Pour two cups of coffee and find a sunny spot to drink them on a pretty morning. Light some candles and get cozy under your softest blanket on a chilly evening. Talk over tapas at your favorite restaurant on an afternoon off.
Stay calm and compromise
You’ve probably been with your partner long enough to know you won’t agree on everything. That wouldn’t make for a very exciting life, would it? However, that means you’ve also had a lot of opportunity to perfect the art of compromise. So be patient with one other, and take the time you need to find a plan you both feel good about.
Cost is usually a big concern when it comes to life insurance, but the good news there is that you may be overestimating what that cost actually is. On average, respondents to the 2018 Insurance Barometer Study thought that life insurance was three times more expensive than it actually is.
It may be a hard subject to bring up, but life insurance is one more way that you and your partner can take care — of each other, your family, and the legacy you want to leave behind. That’s worth a tough conversation, don’t you think?
