The loss of human life is tragic in many ways. The financial results alone of such a loss can be devastating. If the principal breadwinner dies, the spouse might not be able to maintain the family on Social Security benefits. If there were two breadwinners in the family, the surviving spouse might not be able to maintain the family’s lifestyle on a single income. The death of a single parent might leave dependent children without an adequate source of support. Life insurance products provide a number of unique and powerful features, especially financial security. Relying on the group life insurance provided at work can build a false sense of security because coverage is usually insufficient for family needs and ceases when employment terminates. Experts agree that few people protect their own full value with life insurance, leaving their families at risk.
Often times, people are not aware of the wide range of costs and financial needs that may arise after the death of a loved one. Final expenses can be significant, but another consideration is the balance due on a mortgage as well as health care costs associated with a prolonged final illness. It is so important to also consider the ongoing financial needs of the people we leave behind.
Often times, people are not aware of the wide range of costs and financial needs that may arise after the death of a loved one. Final expenses can be significant, but another consideration is the balance due on a mortgage as well as health care costs associated with a prolonged final illness. It is so important to also consider the ongoing financial needs of the people we leave behind.