Do I Need Life Insurance? Planning for the Worst-Case Scenario

We are grateful to our partner Aileen Dugan State Farm Agent for this helpful info. See more about her at the bottom of this post. Anyone who gets a FREE quote from Aileen will receive a $25 gift card to a Portsmouth business. They'll also donate $25 to Make a Wish NH. This offer lasts until March 15 2023.

There are certain things about being a parent that really suck. Bills, making dinner (they need to eat every night… really?), and of course, THE WORRY. As parents, we often catastrophize, imagining the worse-case scenario. Brené Brown calls this “dress rehearsing a tragedy”. While we shouldn’t spend our time in these dark places, we absolutely have to make a pit stop. We have to have systems in place to protect our children in the event of these worst-case scenarios. That’s why, when you ask, “Do I need life insurance?”, the answer is a resounding “YES!”

Make a quick pit stop at the worst-case scenario so you can move on.

We don’t want to think about death. But, news flash, it comes for all of us. If we take a minimal amount of time to sort out some details, we can have the peace of mind we need to move forward and LIVE. 

I sat down with Aileen Dugan of State Farm Insurance for a quick chat about this very real and necessary part of adulting. 

Allison: Why do I need life insurance?

Aileen: While no one is making you buy life insurance, there are many reasons to think about buying coverage. Owning a life insurance policy provides those you care about most with some stability plus the ability to cover any costs you leave behind. The last thing anyone wants to do is burden their loved ones after their death. We often save for retirement but retirement is never guaranteed. Sadly, death is. Ideally, life insurance acts as a supplement to your retirement plan.

Allison: What does life insurance do for me?

Aileen: Life insurance can cover bills and debt someone leaves behind. It can also cover any medical and funerary expenses. While it can’t replace the memory of a loved one, it can help supplement missing income and provide flexibility to families adjusting to their new life. Ultimately, life insurance provides those you leave behind with options and a cushion for them to try to continue their lives and routines after you are gone.

Allison: Well, how much is this going to cost me?

Aileen: Life insurance could cost you surprisingly little. With the prices of groceries today, your monthly life insurance cost could run you about the same as two cartons of eggs. For the same amount as a couple of coffees on the go during your weekly commute, you could be ensuring your loved ones financial security after your death. Additionally, there are many different types of insurance policies that fit well with almost every budget and goal. Options range from Term, Whole-Life and Return of Premium policies, all with fluctuating premium and payout rates that can align with your lifestyle and comfort level.

Allison: Is there a best time to start the process?

Aileen: As soon as possible! By getting a policy at a younger age, you are less likely to have a chronic illness or other criteria that would increase your premium or disqualify you from coverage. You can always add more coverage as you get older, and your needs change. Just like a stock, you don’t want to buy at a high price. Ideally you want to buy low and hold. With the future full of unknowns, you should make a great choice for you and your family while you still have the option and ability.

Allison: So, why should I choose Aileen Dugan State Farm? 

Aileen: Because we care! In addition to being extremely passionate about wanting to educate and help customers navigate the life insurance process, we also love getting to create long-lasting relationships with our customers. Additionally, our office brings over 50 years of combined industry experience. We don’t like to gamble with other people’s future. Being affiliated with a large company like State Farm allows us to guarantee policyholders that they will receive a claim payment. When you choose to work with us to secure your life insurance needs, you are choosing both an experienced local agent and a reputable company.

Allison: What does the process look like?

Aileen: The process goes something like this:

  • We have a meeting (in-person and virtual options available) to discuss your goals of obtaining a policy and budget range. This is an opportunity to ask any, and all, questions you may have and maybe even learn something new! 
  • We start the actual application process. You will need to fill out a medical form. 
  • State Farm then reaches out to candidates via email or phone to conduct an interview.
  • Once we hear back with a decision about your coverage eligibility, we connect with you again to reexamine your options and goals. You may find that you can afford more coverage for the same budget you initially set, so it’s important to reevaluate afterwards.

When asking yourself, “Do I need life insurance?” The answer is “absolutely, yes”. 

We have to plan for these worst-case scenarios so that we can move on and live our lives. Working with an agent like Aileen Dugan at State Farm can offer you the peace of mind you need to stop dress rehearsing for tragedy and instead celebrate what you have. 

Aileen Dugan State Farm Portsmouth
Aileen Dugan State Farm Agent
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Allison’s mission in life is to notice the extraordinary in the ordinary. Her commitment to see beyond what’s in front of her was fostered by her degree in Philosophy and Theology from Boston College. Allison’s a book nerd and credits her parents and inspiring English teachers for her love of reading and writing. She went on to earn her Master in Pastoral Ministry from Boston College and then taught high school for several years, both in New England and San Francisco. After moving from San Francisco to Boston with her engineer husband, she began teaching yoga and working as a social media marketing consultant. Now a Portsmouth resident, she spends most of her days with her three daughters (she does not have enough arms) and does her best to find the bliss amidst the endless snacking, dance parties and tiaras. With all the beautiful chaos in her life, she’s grateful to have her partner-in-crime (husband Charlie) and fellow movie quote enthusiast alongside her. Her passion for writing first drew her to Seacoast Moms as a contributing writer, and her desire to connect moms of the Seacoast with businesses who serve and interest them led her to become SM’s owner. Being able to write about the ordinary grace present in motherhood, while interacting with incredible Seacoast business owners is a dream come true.