What Does This Article Cover?
- Do you have a husband, children, or grandchildren?
- What would happen to them financially if something happened to you?
- Are you aware of how insurance on your life can protect the ones you love?
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Marlene smiled as she cleaned up the kitchen, pausing as she passed the counter to pick out a chocolate from the box and glance at the day–spa certificate.
Each year, as the kids got older, the Mother's Day presents got a bit more planned, more expensive. Truth be told, she missed the paper plates with each child's handprint smeared on it and those handcrafted cards with each letter a different color. The flowers from Joe, as always, were beautiful.
The traditional breakfast in bed, also as always, had been wonderful, though everyone was getting a bit too big to crowd onto the bed. She'd have to remember to wash the bedspread later.
Marlene always got a kick out of Mother's Day, even though it meant more work for her in the end. But that never bothered her. It made her stop and think how much she loved and needed her children. They were her life. And each year, she realized just how important she was to them and to Joe, even if they didn't say it very often. They didn't have to. She heard it every time one of them called "Mom!" or when Joe headed out the door with an absent–minded "See ya, Babe."
She figured that was why Mother's Day — and Father's Day, too — was such a big deal. Silly, World's–Greatest–Dad trophies and love–ya–Mom, sentimental cards aside, it is nice to be honored by the kids. And though she knew she was far from perfect, but the only perfect woman she knew was her mother, she thought ruefully, but she deserved that nice bit of recognition. She didn't need it, but it was still nice.
As a mother, Marlene knew she was many things to her children — from boo–boo kisser, bank teller (cash, please!), and chauffeur, to problem solver, disciplinarian and advice giver.
She also realized that her real role was that of protector and provider. That was something she hadn't thought of much until she had met with Linda, her old friend, who was also "her" New York Life agent.
Children are expensive. Did you know that, according to the U.S. Department of Agriculture, it costs families making $70,200 a year or more an average of $269,520 to raise a child from birth through age 17? 1
She and Linda had talked about a lot of things, including Marlene's "financial value," an ugly term, she thought, but an accurate one.
Linda had asked a key question that had stopped Marlene cold. "What will happen to them if something happens to you, Marlene?"
Her first reply, a feeble, "Oh, they'll get by just fine," had rung a bit hollow in her ears. She could tell by the sucking–lemons expression on Linda's face that she wasn't buying it either.
So, they talked. During the next hour, Linda accomplished two things. She helped Marlene focus on something she knew all too well and every day, but never thought about: It takes money, a lot of it, to raise children. That is what makes her role more than just pretty important. It's downright crucial. Linda had also got Marlene's three–bean chili recipe during the conversation.
College isn't cheap, either. Did you know that the average annual cost for tuition and fees at a public university in the U.S. for the 2005–2006 year came to just under $5,500,2 or around $22,000 for four years? This does not include housing and other costs, which can more than double the sticker price. Nor does it factor in the cost of other children going to college, or those on the easy–does–it, five–year plan.
Standing in the kitchen scraping scraps down the disposal, she felt the envelope in her bathrobe pocket. It would be HER Mother's gift to Joe and the kids. He worked hard. That was one of the things she admired about him.
As Linda had explained, if Marlene should die prematurely, the money would be there to cover necessities and an income to take care of luxuries, as well as future needs, such as education. It would buy Joe time to adjust and….
Joe strolled into the kitchen, smiling, good–naturedly full of himself, his expression saying, "Well, Babe, was this a great Mother's Day or what?" He picked up a towel and began drying pans from the drain rack.
Marlene smiled back and then reached into her pocket. "Here. This is my Mother's Day present to YOU." She handed him her new life insurance policy.
Joe stared at her, totally puzzled for a moment before unfolding the policy and reading the front page. As he folded the policy and put it back slowly in its wallet, he continued to look at her questioningly.
Then he smiled that big smile she loved. He tapped the policy in the palm of his hand. "Well, it's about time you figured it out," he teased. You're important to the kids and me every day, not just on Mother's Day. Maybe we don't always show it, but we'd be lost without you."
"But with this," she said taking the policy out of his hand, mostly to stop that annoying tap tapping, "you'll miss me for the right reasons. And I'll know that I've taken care of the people I love."
"Thank you," he said so warmly and peered so intensely into her eyes that she got that old butterfly feeling in her stomach for a moment.
Then he paused and, just as suddenly, he slipped into his serious business mode. "And I'm gonna call Linda tomorrow, first thing, and have her look at my coverage, too. In other words, you already know what you're getting as my gift to you on Father's Day. It's a good tradition. I like it." And with that, he walked out of the kitchen.
Marlene caught her breath. Then she looked around the half–cleaned kitchen, smiled and went back to work.
This article is for informational purposes only. Neither New York Life nor its agents are in the business of offering tax, legal or accounting advice. Please consult your own professional advisors for tax, legal, and accounting advice.
1 "Raising Your Quarter–Million Dollar Baby," Money Central, (undated, visited site February 4, 2006, http://moneycentral.msn.com/content/CollegeandFamily/Raisekids/P37245.asp.
2 "2005–2006 College Costs," The College Board, http://www.collegebo–ard.com/parents/article/0,3708,715–716–0–21385,00.html
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