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How to Talk About Life Insurance with Your Family
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Aug 21, 2015 |

Whether you’re thinking about buying a policy or want to know more about what your relatives have planned, bringing up the subject of life insurance can prove difficult for some. Discussions around this topic make you take a hard look at your own mortality and planning for your loved ones in your absence. Here are some tips to prepare for the discussion in an efficient and stress-free way.

Plan the discussion when your family’s finances and health are both stable. It would be more challenging to approach this kind of topic once an accident has happened.

If you feel uneasy about bringing up the subject, tie it into something that has happened in the news (or an anecdote from your day). With your children, try to bring it up in an everyday conversational setting (whether that’s in the car or at the dinner table), to not worry them unnecessarily. If you want to discuss the subject with your parents, you could start by asking them for advice about taking out life insurance. This way, if they had thought about bringing up the subject but did not know how to go about it, it would open up discussions for all.

Avoid topics that could lead to an argument. Talk to your family about how a life insurance policy can provide for them in the face of a tragedy. Keep the focus of the conversation on why it is important to plan ahead, and not on what is being left to whom.

Do your own research about different plans according to your needs. It will make it easier for you to bring arguments to the table and to answer your family’s questions. Here are some points to think about when doing your research on the internet or with a counsellor:

  • What type of life insurance will you need?
  • How much coverage will you need?
  • If it’s a term life insurance policy, will the money stay with you?
  • Who will be the beneficiaries?

Once your insurance policy has been taken out, important documents will need to be updated every couple of years, and beneficiaries may change when a person gets married or has children. Don’t forget to inform the people concerned about these changes. If you plan to speak with your parents about their own life insurance, it will also be important to ask them where they keep their papers and what types of life insurance policies they have. For your own children, it may be easier to make one document with “everything they need to know”, and keep this in a safe place or with a trusted person.

Not sure where to start with life insurance? Learn the basics: view more here.

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