Yesterday, I got back from a business trip for my employer.
While most of the time I was gone, my mind was on business events during the day, and mingling socially with peers during the evening, I did have time to realize how much I missed my family. As I would go home after the nights of drinking at dinner and bars, I would think how much I miss my family, and especially my kids. Each night before I would go out, I would call home to tell my kids goodnight. During those calls, my son and daughter would tell me how much they miss me and wish I was home. My 7-year-old girl, doesn’t remember when I use to travel when she was a baby, so it was very hard on her. She kept telling me that she want to come home early, and that she really missed me. My son who is a bit older understood that I couldn’t come home early, but after I did get home, he told me he had problems sleeping the first few nights after I left and that he was glad I was home again.
While I worried about what was going on at home, and I missed my family very much, one thing that I didn’t worry about was their financial well-being if something bad happened to me during the flight or whatever. The financially comforting fact is that they would have well over 1 million dollars if I were to die, and they would most likely receive Social Security benefits on top of that.
You might be thinking Social Security benefits? and why? Well, it turns out that if you kids are under a certain age, Social Security will pay out a monthly amount until the kids are 18. Since I have 2 kids and a wife, the payment from Social Security would be at least $3,500 a month. This amount is almost as much as we currently spend monthly!
After you factor in the life insurance survivor benefits that they would receive, it would put my family at a very comfortable level. And then there is my 401k that would be tapped too. After factoring in the 401k, I feel comfortable enough about the finances that I don’t have to worry about my family… they will have enough money to do as they please.
Knowing that you are missed is great, but knowing your family would be provided for if somehow you were to die is priceless.
I’m glad to be home,
MR
I have never heard of a son or daughter who said, “You know, I wish my dad had made more money,’ at his funeral. But there are several I have heard saying I wish we had had more time together.
Yeah, I agree, it’s a delicate balance.
My kids are teenagers and they still worry when I travel. My son in particular, and he’s the older of the two. Somehow you never know how important you are to them until you aren’t around.
I agree, having generous provisions takes a lot of the concern away from being away. Not entirely of course, but it removes one (very big) concern.
Sounds like you have great kids!
Luckily, I don’t travel much so they won’t have to worry about it again for a while.
Sort of morbid – but you bring forth important factors everyone must consider at some point about his/her family!
Yeah, kind of dark at the end, but I thought it should be said. Most have adequate coverage, but it’s still good to put it out there.
I obsessed over beefing up our life insurance policies after my first child was born. My husband thought I was neurotic, but I’m glad that’s all settled now, especially since we both travel a lot.
As much as it would suck if he or I were struck dead, it would suck a whole lot more having to worry about how to pay the bills if one of us were gone.
I’m in the same camp as you on this one!
Better safe than sorry.
Good job on getting good coverage. It’s difficult to think about, but it’s one less thing to worry about once it’s set up. It must be nice getting home. I haven’t had to take a business trip for a while and I don’t miss it at all.
Yeah, it’s been a while for me too. The trip was good but the journey wasn’t, the ride was very choppy.
That’s definitely something to think about. I’m traveling later this week without my husband. Now, he’s an adult and can take care of himself, but I’m glad that we do have life insurance policies to cover us (me) if anything happens.
However, what’s really not covered is that I take care of all the finances and he’d be at a little bit of a loss knowing where everything is (passwords, accounts, etc.) I keep meaning to update my info and remind him where to find it, but I don’t think that will happen before I leave. Something I need to work on!
I think about how my wife would take over the stuff that I would do if I were gone too. I need to put together a “break in case of emergency” packet.
Being on the road is never as much fun as it appears. Protecting your family is important whether you are traveling or home.
Yeah, other than for vacations, I could go without traveling for business ever again, if possible.
I am fortunate in that I don’t have to travel much for work. I did have a trip a while back where I was flying by myself. Of course, I have plenty of life insurance, but I wrote a little letter to my wife giving instructions on what debts to pay and how to structure the life insurance proceeds to make sure she and the kids had enough to live on til they were out of the house. It is probably time for me to review this again. Thanks for the reminder.
My next step (if my wife lets me), would be to do a mock scenario, just to make sure she has it down.
I never travel, but my husband does. He has traveled on and off for most of our marriage, so we are all used to it here.
What freaked me out was when both my husband and I went to New York for a Christmas party for his job. I hate flying, so both of us being a plane was so upsetting. I got our will set up with guardian instructions and such just in case the worst happened. The thought of leaving my kids orphans was just awful. I know a lot of couples travel together without the kids, but I am just not comfortable with it. (Because of my own issues, not judging anyone that does it.)
When we flew down to Disney, I almost made my family take 2 separate flights, so I know where you are coming from.
I think if I traveled often, my kids would get use to it too.
Investing in a good life insurance policy and having substantial savings and investments to protect your family only breaks down to about a dollar or so a day, but the peace of mind is priceless. No one wants to face their own mortality, but it’s even harder to consider leaving your loved ones in a precarious financial situation. I believe there is no such thing as being over-prepared. Meet with a financial planner to draw up the blue prints and yeah, I don’t think it’s a bad idea to do a mock scenario just to make sure the whole family is on the same page. Great post. There’s no place like home, right?
Yes, very true. It’s one of the things that enable me to sleep easier at night.
That definitely must be a great feeling. I’m happy to pay for life insurance and an umbrella policy. It makes me MORE happy to have my family be taken care of than myself.
Sam
Term life insurance is so cheap that I can’t resist it. I hope I’m around for a long time to see my kids grow up, but if I’m not at least I know they have options.