I closed my life insurance policy this week, a monthly payment for almost 10 years. And, per usual, I’ve captured some of this madness as I think about what could have been.
April of 2012 I was counseled to get a Life Insurance Policy which sounded like good advice because I had, for the first-time ever, a little bit of savings, a business with operating profit, and a growing family that would need a financial system that would give them the time to recover if I died early.
And, at the time, I had no plans of dying early but I was told that these things are not planned, usually.
I took a look at my finances and I estimated that my wife might need 5+ years to recover and I wanted to make sure that she had as much margin as possible. This was because she had distanced herself from formal work shortly after we got married (to become the most amazing mother on the planet) and would require not just time to adjust from my “dereliction of duty” but also time to (re)start a career, if she wanted.
$2,000,000 was about right and I started paying
$280.81 a month to create additional layers of “security” and to reduce my anxiety about the future.
Strangely, I got more worried, not less — funny how that works.
But, I continued to pay, every single month… for years:
The original contract was a 30 year policy for $2M which has cost me $3,370.00 per year for a total of
~$31,000.00 USD over my entire subscription to their product:
Why stop the process? Why unsubscribe from this supposed “peace of mind”? Here’s the answer: Because there is a better and more fiscally-responsible solution to this monthly spend and the answer is bitcoin.
Hell, I could have been rich a lot sooner.
Here’s the hard and sobering mathematicalogic (yes, I know that’s not a word): If I had invested
$280.81 USD into
bitcoin instead of my life insurance policy since the start I would have anywhere from 45-46 bitcoins in my pocket right now.
That’s a lot more than I have right now, that’s for damn sure!
I don’t beat myself up badly on these types of things because I simply wasn’t a “bitcoiner” back then and only recently in the last few years understood what I was missing.
The truth is out there; it’s free, always available and I’m grateful that there’s always a chance and opportunity for folks to join the growing community of those who have experienced this amazing technology first-hand, myself (of course) included.
Consequently, I’m starting to
Dollar Cost Average the $280.81 into
bitcoin instead of my life insurance policy; more specifically I’m adding another $70 USD each week to my already-active DCA motion.
I feel better already.