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November 11, 2016
So I have a confession to make. Originally, I wasn't going to get into this aspect of the journey, but I'm not sure how to portray all the emotions without it.
In late 2015, the family budget got really tight. The company I work for didn't give end of year bonuses for 2 straight years, which is tough when the bonus is basically guaranteed (2013 was the first time one had not been given) and it is the thing that moves you from slightly underpaid to well compensated. This squeeze on our income led to some changes, one of which was dropping my life insurance. I had been so healthy that it seemed unnecessary, and the plan was to add it back at the beginning of 2017.
Obviously, that didn't work out, as it is now practically impossible for me to get term life, and there is no way I'm getting anywhere close to the $500,000 plan I had (to be fair I wasn't going to get a $500,000 plan this time, but probably something around $300,000). As it turns out I did just get a guaranteed policy for $25,000 at a rate the won't kill our budget. It's not nearly enough, but hopefully, when it is needed that money combined with my work paid life insurance of $25,000 and my retirement account will be sufficient enough to keep the financial burden off my family.
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