On a song I wrote called "Dust to Dust", off of the 2033 album with my man Chinch33, I rhyme about the perpetual cycle in urban communities dealing with the senseless loss of life. Over the years, I have noticed a recurring cycle in my life, starting with the unfortunate news of acquaintances, friends, or family members passing away. It's all over my Facebook feed and Instragram feed. The Gofundme pages are everywhere! I know they are there for a reason, but that's exactly why it raised this level of introspection in me. While death is an inevitable fate for all of us, what troubles me more than the actual loss is the realization that a significant number of these individuals seem to be uninsured and lacking the necessary assistance in death. It is not my intention to be judgmental, but rather to be introspective and reflect on this matter.
Surprisingly, life insurance policies are rarely discussed among my touring friends, during music sessions, or even at work. I couldn't help but wonder why. As responsible adults, any one of us could unexpectedly pass away at any moment. Unfortunately, such occurrences happen all too frequently, yet these crucial conversations about life insurance are often overlooked. Could it be that people consider it too personal a topic? Or perhaps they feel embarrassed at the thought of being uninsured? I'm uncertain about the answers to these questions, but one thing I do know is that I increasingly feel the urge to initiate and engage in discussions about death and the preparations needed for it.
By addressing these conversations now, I hope to alleviate future stress and burden on those who will come after me. It is my desire to live my life with the knowledge that I have taken the necessary steps to ensure a smoother transition for my loved ones when the time comes. This isn't something to be fearful of; it shouldn't be a taboo topic. Whose taboo? Who says that we can't have a true urge to want others to be in a better situation in case an unexpected emergency befalls them or a loved one? I believe it's looking out for our fellow humans, especially those we consider to be family or friends.
While I don't claim to know everything about life insurance, I do have a policy. In fact, just the other day, I opened up another one, with coverage of $150,000 in the event something happens to me. It's a term life insurance policy, which some might argue is not the best investment. Nonetheless, it provides security that will assist my progeny if and when necessary. They'll be able to split that amount. Granted, it won't be until they reach a certain age, but the funeral expenses and any outstanding bills I have (that I'm still trying to clear up) won't burden them. I'm thinking about THEM before the day comes, not waiting for the day to arrive. I already know, like we all do, that the inevitable day will come. So why not address the topic of death and preparations now so that we can truly live?
If you would like a quick breakdown of the two types of insurances, in general, it goes like this from an investment standpoint: Whole Life Insurance often includes an investment or savings component. The premiums paid towards the policy accumulate and are invested by the insurance company, potentially earning dividends or interest. This can help grow the cash value of the policy over time. On the other hand, Term Life Insurance does not have an investment component.
When considering the cost-benefit analysis, Term Life Insurance is often chosen for its affordability and simplicity, providing coverage during the years when it is most needed, such as when having a mortgage or raising children. Whole Life Insurance, on the other hand, offers lifelong coverage, cash value accumulation, and potential tax advantages, making it suitable for individuals seeking permanent life insurance and an investment component.
Additionally, I added an accidental death insurance policy for additional coverage. The policy covers about 6 months, with a premium of approximately $38, and a coverage total of $120,000/$500,000. For just $38, equivalent to the cost of a meal for three at Panda Express, you can secure coverage for accidental death, which can help with your funeral expenses and bills. It's worth considering.
I believe we've been led to believe that it's an impossible task to ensure financial protection for ourselves and our loved ones. While there are indeed expensive insurance options out there, I believe that most of us can muster up around $7 a month, give or take. Some may argue that there are instances where insurance policies don't pay out due to specific circumstances surrounding a particular death, and I won't deny that it happens. However, I think the risk involved in not having any coverage is far more dangerous than the possibility of not being paid. That's why I prefer to have multiple insurance policies, and in due time, I might consider investing in whole life insurance. But for now, I can rest comfortably knowing that there's a high chance my kids will receive something, my bills won't burden them (God willing), and the cost of a few months' worth of Panda Express meals will cover an ankhed-out casket.
It's time to challenge the notion that preparing for our own deaths is a taboo or impossible task. Too many young brothers and sisters are relying on GoFundMe campaigns when we have the opportunity to take control of our transitional process. Let's reclaim our lives and deaths to some extent. Peace.