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Life Insurance

Life insurance is one of those necessary evils that we avoid discussing and avoid facing. I can tell you from personal experience that life insurance needs to be one of the most important risks that you protect. Remember earlier when I said that you have to evaluate each risk you face and choose which risks you can afford to assume and which risks you cannot afford? Life insurance is the granddaddy of risk protection. Ask those who lost their spouses in 9/11 whether they could afford to lose their spouses. Ask the spouses or parents of soldiers who shipped off to Iraq or any other conflict where they put their lives on the line.

My personal experience isn't about life and death; it's about how life experiences can impact your ability to buy insurance. I was born with a congenital heart defect. My aortic valve was only partially formed, allowing blood to flow back into my heart once my ventricle pumped the blood through my heart and out the aorta. With only a partially formed aortic valve, my heart became enlarged over time because of the additional strain. I learned that I had this congenital defect when I was 30 years old. If I had purchased life insurance before that period of time, it would have been very inexpensive. But like a great number of us, I chose to wait, to procrastinate. After my diagnosis, which included having to have my heart valve replaced within 20 years, the cost of insurance skyrocketed. Actually, most carriers flat out turned me down. Back to our old adage: Forewarned is forearmed.


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