Do you have people in your life who rely upon your income for their financial wellbeing? If you do, consider the following questions.

What would happen financially to your dependents if you should die prematurely and your income ceased? Would your family be able to continue to pay their living expenses?

These are not fun questions, but they must be answered if one is to have a healthy financial plan.

I remember when I considered these two questions, and I did not have a strong answer for either of them. I could not imagine my wife and daughter having to struggle through the loss of their loved one while at the same time figuring out a way to replace my income.

I solved this issue by acquiring 30-year level term life insurance equal to 10 times my annual income. If I should die prematurely, the life insurance will produce income that is near the amount that I was earning. This would allow my bride and daughter to focus on grieving without having to wonder how to pay the bills.

I acquired 30-year level term life insurance for several reasons. The word “level” means that the premiums will not change over the policy’s term. The term will cover me all the way to retirement. Term life insurance is extremely cheap.

I like the fact that term life insurance is also free of investments. I have found that when life insurance and investments are consolidated (commonly called whole or permanent life insurance), the product becomes much more costly.

I can obtain quotes on term life insurance without speaking to anyone by visiting zanderins.com and clicking on “Instant Term Life Quote.” This gives me a quote in less than 60 seconds — without talking to anyone. I like that! I have found that my local insurance agent has access to the exact same term life insurance company quotes as well.

The process for obtaining life insurance is simple. The insurance company will have a health professional meet you at a place of your choice to conduct a brief interview (less than 15 minutes), obtain a blood sample, weight, and body measurements. For me, the entire health review process took less than 30 minutes and my policy was in effect within 15 days. It will remain in effect for the next 30 years at a fixed premium. Awesome!

One more thing to consider. My bride does not have an income-producing job, but she still has life insurance. Why? Because if she should die prematurely, there are a TON of things she does to make our household run efficiently that I would have to pay others to do!

If you have others dependent upon your income, I urge you to obtain life insurance.