Erik is one of our growth specialists at Ethos. Before working at Ethos, he didn’t know very much about life insurance. So when he and his wife first had their two twin sons, he thought it was okay to hold off on getting it. Erik had lots of new expenses from buying a new home and having kids so, he was hesitant to add one more "extra" expense. That was his first mistake. When he finally decided to buy life insurance, he had already purchased his first home and his sons were both one year old.
"Looking back, it scares me to think about what could’ve happened during that year of having my boys and not having life insurance. If anything happened to me, I don’t know how my wife would have been able to cover all of our expenses with her income alone."
His second mistake came when he actually bought his policy. Like most people, Erik wasn’t told much about how life insurance works. So, he didn’t know to take his mortgage and his kids’ future into deep consideration when deciding how much coverage he needed—and his agent didn’t ask, either. Because of this, he ended up not getting enough coverage for his family.
"I remember that after I bought the policy, we had a sewer line break under the house, our first property tax bill came due, and we were sending our boys to daycare. It was just a lot of money going out. It hit me that if something had happened to either me or my wife right then, the policy I had gotten wouldn’t have actually covered enough. It would’ve been financially devastating."
If Erik had gotten the right amount of coverage with an Ethos policy, his premium would have been only $50 a month for $700K in coverage. That coverage would easily cover his mortgage and secure Rory and Ronan's future. The “extra expense” he was initially worried about is actually pretty affordable, given the value of making sure his family would be okay financially if something happened.
There are a few ways you can make sure you don’t make the same mistakes Erik did:
Your needs are unique to you. Take a second to think about things like your mortgage, your debt, and your children’s future to make a good decision on the right coverage for you.
At Ethos, we can help empower you to make the right life insurance decision for your family by helping to educate you. All of our resources are available to you and if you’re ever curious about your personal case, you can call us at (415) 915-0665.
The longer you wait to protect your family with life insurance, the more time you’re putting them at risk if anything were to happen to you. Get your quote today and start your application.