Do You Have Enough?

I'm not talking today about food or money....these are things where it's often asked if you have enough.

No, today's question is aimed at something as important as those two but for me, today, is hitting a lot closer to home.

You see, I have a friend.
This friend recently lost her husband of many years.
He was not sick.
For all intents and purposes he was a health man in his prime.
But just like that, he was cut down by something nobody saw coming.
And he died in an instant.

There was nothing anybody could do.
And just like that, my friend lost her lost her best friend and the main financial support of their family.

While my friend does work outside the home, she doesn't bring home the "big bucks" like her husband did.  There is no way she can make up that income that has been lost.
And she still has kids at home.
They now have to live on far less than before and things are going to be mighty tight for them going forward.

My friend thought they had enough life insurance on her husband.
He had insurance through his job and they thought that was sufficient, at least until they got out of debt.  They had planned to pick up hefty amounts of life insurance after they eliminated their debt in about 9 months.

But he died before they got a chance to buy more coverage.
And my friend found out after the fact that they didn't have enough insurance on her husband when, after some medical bills incurred and the funeral and burial expenses, there was nothing left to use to help support their family going forward.

Needless to say, my friend is distraught over her loss right now.

But she is also stressed beyond belief now, at a time where she shouldn't have to think about things like how is she going to pay her bills and stay in her home, and feed her kids and pay for college, etc.

My friend knows I have a blog and I talk about personal finance sometimes too.  So she asked me, no she implored me to write a post about protecting your life and your family by having enough life insurance on the main bread winner in your home.
Let me say that again......Protect your life and your family by having enough life insurance on the main bread winner in your home.

You can never have enough life insurance, she says.
And an emergency fund, she added.  I'm quoting her on what she said about this....

"Emergency funds.  They can never be large enough.  Ever.  Think you have enough?  You don't.  There is no such thing as enough.
Not having enough money in insurance and in the bank is humiliating.  Having to borrow money from your parents for food until you can go back to work is humbling.  Calling your debtors and asking if they can just freeze your debts for a few months until you are on your feet is horrible.  Have a bigger emergency fund and don't wait until you are out of debt to get life insurance."

I'll add that if you have a family or are married, make sure you have a will and it's up-to-date.  If all your money & accounts are tied up in probate because your loved one died without a will, it's hard to pay the mortgage or buy food with thin air.  It's bad enough to lose your spouse to not have to be left destitute because your assets where under protected.

I admire my friend for having the courage and the insight to want to forewarn people, even while she is going through one of the most painful times of her life.
The least I can do is grant her wish to try to help some one out there.

Don't let this happen to you.


Sluggy