Are You Gambling Unintentionally?
Eight years ago I ventured to the Bahamas aboard a cruise ship with one of my friends. Over our week vacation I enjoyed playing (and winning) in the ping pong tournament and contending (and losing) in the singing competition. One night my friend and I met a gentleman who told us that he used to have a gambling problem, and hadn’t gambled in the last decade. After returning from our shore excursion, we noticed a huge crowd around someone at the blackjack table. Low and behold, it was the gentleman we met earlier in the night, who I later found out was down $50,000!
Most of you would never put yourself in a position where you could potentially lose $50,000 at a casino. However, according to a national study, 41% of Americans do not carry any form of life insurance. If those individuals were to die before retirement, far more than $50,000 is at stake. For every year thereafter, there is a lost year of income for their family and loved ones.
"Not having life insurance is like being left in a public bathroom without toilet paper." -Anonymous
You always want to make sure you have adequate life insurance. I personally think Term Life Insurance is far better than Whole Life Insurance; it’s so much cheaper, provides far more coverage, and is more suitable 9 out of 10 times.
I would encourage you to not take a gamble on your future, and start exploring life insurance, if you haven’t already. As always, please feel free to call or schedule a meeting if you would like to further discuss how this may fit into your overall financial plan. I’m also always looking for suggestions for future cruises, and welcome those as well!
Added 02/15/2019 by Jason Siperstein, CFA, CFP®