Steve Jobs was an extraordinary visionary and although he surely didn’t need traditional life insurance, he provided it for his company. How? Reports are coming out that Mr. Jobs provided life insurance with his own twist in the form of up to four years of ideas to help his company, his family, his “baby”, survive and thrive. That’s basically what life insurance does … it provides for those left behind. Most of the time it provides cash but in the case of Apple, ideas are much more valuable than cash (the last time I checked, Apple had over $26 billion in cash).
Four years worth of ideas may not seem like a great deal but when it comes to technology companies, this is a fantastic resource from the company’s founder and chief idea generator. Although it would have been awesome if Steve Jobs could’ve provided 25 years worth of ideas, Apple has been left on a more solid footing than many companies under similar circumstances.
Does your family have resources available to them if you or your spouse were no longer able to provide an income? Have you made provisions, like Steve Jobs did, to keep them viable for years after you’re gone? Is it enough?
The easiest way to provide for your family is with a level premium term life insurance policy. Your premiums will remain the same throughout the entire term (10, 20 or even 30 years) and level premiums mean you’ll be better able to budget to pay those premiums. How long a term you should purchase depends on how long you’re going to need the insurance.
Some people just want to replace income until the kids get out of school while others want to make certain to provide an inheritance for their children and grandchildren. Other people (including me) want to make sure their family is able to continue with their current lifestyle, pay for college educations, and leave a legacy for the kids. I bought a term policy that would last until my youngest son turns 25 at which time I’ll look into either renewing it or converting it to permanent insurance.