Talking about death isn't easy. It can be especially difficult to talk with your spouse or partner about what would happen if either one of you dies. But it's a necessary conversation to safeguard your family's financial future.
If you're uncomfortable having a conversation about life insurance with your spouse and unsure about how and when to approach the subject, here are a few ways to help make it easier:
Find the right opportunity
Certain life events may make it easier to start a conversation about life insurance with your spouse. Examples of these events include the birth or adoption of a child, buying a new home, and starting a business. Why? Because all of those things signal a new financial need and added responsibility.
Approach it as a family financial plan
Instead of having a talk about death and dying, frame the conversation around protecting your family financially if one of your paychecks was to suddenly stop. You have insurance that protects assets such as your car or home; life insurance can be part of a sound financial plan that protects your family's income stream.
Get a few quotes to talk dollars and cents
If you feel that the cost of life insurance might be a deterrent to a discussion with your spouse, then get some rate estimates before broaching the subject.
Set aside a block of uninterrupted time
To have a quality conversation about life insurance with your spouse, decide on a time when you both can have an uninterrupted conversation and not feel rushed. Pick a day and time and put it on the calendar.
Do your homework
Do some online research or talk with a life insurance agent who can provide you with information on different types of life insurance. Try to anticipate questions or concerns your spouse may have and look for answers before the talk.
Ideally, this conversation with your spouse will help clarify how much life insurance you need and can afford. No one wants to talk about losing a loved one, but like other tough topics you can talk about as a couple, death and life insurance conversations are vital.