Every time I fly in an airplane, I almost assume I’m going to die. I exit the airport and make my way up the ramp as if it is my last earthly moment, and kiss the sweet, fresh air goodbye as I enter the plane.

Any time the plane wobbles or shakes, I pray or scan pictures of my kids on my phone. I grab Greg’s hands, bargain with God for my life, and wonder how my kids will deal in my absence.

Yeah, it’s pretty pathetic, and pretty irrational too.

Still, it isn’t crazy to plan for the inevitable, and we shared a few of our concerns last month when Greg wrote, All I Will for Christmas Is….  We got a lot of flack in that post for not having an updated will, so I thought it would be fun to update you on the death-related progress we’ve made since then.  So, what happens if we die now?  Here is an update:

We Created Legal Wills

We were in the process of creating our wills already, but we went ahead and got the job done in early January.  Using Legal Zoom, we created a professional will for each of us for a total of $140.  It was equal parts painless and cheap, and all we had to do afterward was have them looked over by a lawyer, signed by witnesses, and notarized.  Since we have two children, the details of our will are not complicated.  Still, it is nice to have that piece of our financial puzzle taken care of and filed away in case we should ever need it.

We Bought Life Insurance from InsureChance.com

Going through our assets and financial information made me realize that it was probably time for us to purchase more life insurance on yours truly.  We have quite a bit on both of us already, but my income has increased dramatically over the last year.  And since I am making more, Greg would need more coverage to replace my income if something were to happen to me.  Fortunately, I am young and healthy…so life insurance is still cheap!

Since I’m staying pretty busy this winter, it was easiest for us to get online life insurance quotes and go from there.  And even though InsureChance.com offers quotes for term and permanent life insurance, we opted to buy more term insurance.  It was certainly cheaper to do so, but it will also last until I turn 65.  And hell, I sincerely hope that we aren’t counting on life insurance to get by when we are retirement age.  Insurance through age 65 should be enough.

When Will We Reach Financial Independence?

Since I’m a huge planner, I think it’s really fun to fantasize about the future and create actionable goals that can help us achieve the lifestyle we want.  Part of that means preparing for financial independence, and I’m beginning to think we’ll get there much earlier than we thought!

As it stands, our home and rental properties will be paid off somewhere between 11 and 12 years from now.  That means that we’ll essentially free up $3,500 per month ($1,500 I’m paying towards our mortgage plus at least $2,000 in rental income) that we can use for living expenses.  If we continue contributing to retirement as we are now and I assume conservative gains, we should easily be able to throw in the towel when we are 46 or 47-years-old.  Will we?  It’s doubtful.  Our daughters will just be getting ready for college at that time, and our plan is to help them pay for college in its entirety- or at least help with most of it.  Still, it’s nice to know we’re getting closer to having options.  I can’t wait to work for a living because I want to – not because I have to.

So, ladies and gentleman, if I don’t die and manage to get my kids through college, you’ll probably find me lounging on a tropical beach somewhere – reading trashy novels, and drinking Mojitos.  Or if I’m fat and don’t care anymore, I’ll be drinking BBCs.

All jokes aside, it does feel good to have a few more important issues squared away.  Life happens and people die, and I want the people I love to be taken care of.

Do you have a will?  Did you buy more life insurance as your income increased?

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