When I was born, my father bought a life insurance policy on me. He said it was “cheap” so I don’t know how much he paid but I do know it was worth it. When my brother came along about a year later, another policy was bought. With all the costs of a newborn, sometimes life insurance does not seem like a worthy investment. Things like cribs, safety latches, and bottles are top priority. Parents are sure that life insurance for their kids can wait.
Skip ahead a decade and you would find my parents and I at a doctor’s office two hours from home. After years of tests determining that I do not have asthma, allergies, or any other common aliment, my inexplicable coughing still doesn’t seem to want to stop.
Finally, the test comes back and the doctor tells my parents that I have Cystic Fibrosis, a genetic lung disease, and while it’s not curable (yet), there are many ways to treat the symptoms. They also insisted on having my brother, an extremely healthy boy, tested as well. Bad news turned worse when he was diagnosed as well.
Now, I’m as healthy as I can be. I finished college, found a fabulous job, and got married (all within a year, might I add). Yet, because Cystic Fibrosis is a terminal disease neither my brother nor I will never be able to get life insurance on my own. Understandably, it affects our insurability. How lucky are we that my dad thought to buy convertible life insurance policies for us at birth?
Some people think it’s a waste of money to buy a policy for children or young adults. But, as my dad found out, it’s better to be safe than sorry.
Do you have a life insurance story to share? Comment below!