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An Emotional
Purchase for Dads

Getting Peace of Mind
Through Life Insurance

By Mark Stackpole

Life insurance needs vary depending on who is the primary breadwinner in the household. Traditionally, a husband is earning more in the workplace, but that is not always the case. Perhaps one parent is staying home to raise the children; in this case, the financial impact can be difficult to measure but is a crucial part of the overall economic picture. After all, childcare costs are a major financial commitment. What happens when there is only one parent who will presumably have to continue working or re-join the workforce?

"The thing that is most critical is to get people to a point where they can think about the unthinkable and then envision what they want their lives to be like take a year off, move away, spend more time with the children, change to a less-demanding career," says Clish. "Whatever these things are, they need to articulate them to help shape their needs for life insurance. It is said that the purchase of life insurance is an emotionally-based purchase supported by the facts. A person must get in touch with what he feels inside before he sees the value associated with the purchase."

Brian Kaplan is a public relations professional from New York, N.Y. Married with a 21-month-old son, Kaplan recently made a dramatic increase to his life insurance policy. His decision was based on the fact that his wife was unable to up her policy and that, as independent business owners, they both face an element of instability in their professional lives. "I see life insurance as having two benefits: immediate money for my wife and son in the event of my death and as a building investment for me and my family as I get older," he says.

Kaplan is lucky enough to have a friend in the life insurance business who helped him make these important decisions and understand some of the nuances of the policies and plans. As a result of feedback from his friend, Kaplan has term life insurance that he plans to slowly convert to whole life insurance, which would allow him to lock in higher interest rates.

Want to see more?

• Buying Life Insurance: Where to Start and What to Look For
• Talking About Life Insurance: The First Step to Protect Your Family
• Who Will Love the Children? Why It's Important to Name a Guardian for Your Kids
• Talk about it!