Nothing can truly alleviate the pain of losing a spouse, but there IS something that can help soften the financial blow through the healing process: life insurance. Unfortunately, this is an important conversation that a lot of people tend to shy away from. Nobody really wants to talk about it, whether they’re avoiding the harsh reality of life insurance or underestimating its benefits and shrugging it off for the future.
On today’s episode of The His & Her Money Show, Tina Murphy is opening up to us about when tragedy struck her family. Tina has a lot on her plate — she’s a single mother, teaches at two universities, and is well on her way to becoming a certified financial counselor. When her husband died unexpectedly three and a half years ago, life changed drastically for her and their two boys, but she found an unlikely comfort in their life insurance policy. She’s here to talk about how their life insurance helped her through the toughest time in her life, mentally, emotionally, and of course financially.
Today, Tina spreads the word of how important it is to be prepared ahead of time. She and her husband both had life insurance policies through their jobs, but decided to take the extra step and purchase more for the long run. Would there be enough to pay off the house? Pay for their kids’ college? This decision ultimately took a tremendous weight off Tina’s shoulders throughout the grieving process, and is something she strongly encourages spouses to consider sooner rather than later. Like Tina says, “It’s better to be prepared and not need it than to need it and not have it!”
WHAT YOU WILL LEARN IN THIS EPISODE
- Why Tina and her husband decided to invest in life insurance
- How having life insurance helped Tina through the grieving process
- Tina’s experiences going from a dual income household to single income, and how she made it work
- Questions to ask when looking into life insurance
- How Tina is maintaining her family’s lifestyle
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