How to Discuss Life Insurance with Different Family Members

Life insurance can be a difficult topic to talk about with those who matter most to you. Since insurance is so often closely associated with death and the surviving family’s life, discussing the purchase of a plan isn’t many people’s favourite topic. This raises the question of how do you talk about this with a spouse or parent who may be uncomfortable with the subject?

The right coverage plan is so crucially important, especially if you have dependants, that ensuring the topic is discussed is the responsible action to take. If you find yourself struggling with getting through to someone about getting insured, we have some helpful tips that will make the discussion easier on everyone.

Research is Key

Before you decide to initiate a conversation, it’s best to do some research first. Determine what kind of coverage would work best for your current situation and look into what plans are available. Once you find a plan type that matches what you are looking for, contact a brokerage with any further questions and ask for clarification if you feel you need it.

Ensure that you have all the essential facts about a certain plan or provider when sitting down to discuss with a loved one. Any assumptions or uncertainties you have will only make the conversation more difficult for the already uncomfortable family member.

Who is Having Trouble with the Topic?

If it’s your spouse that’s struggling with purchasing a life insurance policy, setting up regular dates to review your financial records and situations can help. By having regularly scheduled meetings from month to month, you and your spouse will better understand each other’s financial plans. When you speak with your spouse, try helping them envision insurance as a financial tool as this will take the focus off the stereotypical morose aspects of life insurance.

Your parents can be more difficult to discuss insurance with as you may not know the financial steps they have taken over the years. Encourage your parents to be more open with communicating their financial goals with you to will help you gain a better understanding of their finances.

They may be uneasy with speaking about their final expenses and assets, but this discussion will help make planning for the future easier. After identifying what they want to do with final expenses, you can begin to look into and recommend plans that will fit their needs properly.

Finally, your children should be old enough before you begin any conversations about estate planning and life insurance. In order for them to fully grasp the reality of funeral costs and how life insurance policies work, it would be ideal for your kids to be in their late teens on the cusp of adulthood.

By conversing with your children as young adults, they will be able to appreciate the importance of the topic more and be open to discussion. At this age range, you can encourage your kids to look into affordable insurance solutions and teach them about locking in lower rates at their young age.

Finding the Time to Bring up the Conversation

Timing can be very important when talking about financial circumstances and issues. If your family member is already somewhat uneasy about getting insured, raising the subject when he or she is stressed isn’t going to help at all. Stress and tight schedules will only add to feelings of doubt, worry, and exhaustion towards a vital topic like life insurance.

Your initial attempt at having this discussion should be at a time when neither you or your loved one have any other appointments or errands. Setting aside a free moment of both your days will help to ease the discussion as well as provide time to fairly share feelings on the topic.

Never Let Fear Get in the Way

Discussing life insurance with your loved ones is very important to ensuring a stable financial future for your family. If your loved one has been constantly avoiding the subject, you may need to be more forceful about having a discussion. Being forward in this regard is all the more important if you would be the one financially responsible in the event of your loved one’s death.

It isn’t selfish to be more adamant about having a life insurance discussion, after all, this isn’t for your sake. If this is your spouse, parent, or even your young adult children, ensuring this discussion is carried out is a matter of shedding light on the financial responsibility this family member has to others. In the end, no surviving family should be left with the financial burden of a loved one after he or she passes away.