Archive for the ‘Exact Situation’ tag
3 Reasons You Can’t Ignore Life Insurance no comments
Posted at 2:17 am in Writing a Will
Stephen Sikes
As you get your financial situation in order for you and your family, what thought have you put into life insurance? You may feel healthy and just fine for now, but have you considered what would happen if something tragic were to befall you? If not, you’re not alone. Many people don’t think about life insurance when they are young, thinking they have a lot of years before it becomes an issue.
Unfortunately, accidents happen every day that claim lives. Consider what would happen if you were to die tomorrow. Your family would be stuck with a lot of expenses on their own
Funeral Expenses
Did you know the average funeral costs about $10,000? That’s a lot of money for your family to come up with while they are also going to have to adjust to paying all the rest of the household bills. Even if you are not the type who doesn’t want a funeral, and would like a simple burial or cremation, it can still run into the thousands of dollars to take care of all your end of life expenses.
Family Essentials
Most households have two people working to pay the bills these days. If your home is like this, you may be wondering how you would get by if you had to pay everything yourself. This is the exact situation you could be putting your family in if you were to die. Even worse, if you are one of the lucky families where only one person works, while the other watches the kids, and you’re the working member of the family, consider what would happen to your family if they were to suddenly have no money coming in and you had not left a life insurance policy behind.
House Payments
Do you own your home free and clear? Most people don’t. That means if you were to die, the amount you help to pay towards the monthly mortgage, or even rent, will be gone with you. That means your spouse and children, if you have them, will be struggling to find a way to be able to afford to keep a roof over their head without a payout from a life insurance policy.
Getting Coverage
Now that you know you need some sort of insurance to help out your family, you need to decide what kind of coverage policy you want. First, find out if you have any coverage. If you work for a company, they may have already signed you up for a policy that they pay for. Often these are just policies that are only $10,000 or so, but those are enough to pay some of the expenses.
Next, consider what it would take for your family to continue on without you. This is what you should make sure your policy covers. Perhaps you want to make sure the house would be paid off and that they would have enough to live comfortably for a year or so. Figure out the total and look for a policy that will cover those needs.
As you get your financial situation in order for you and your family, what thought have you put into life insurance? You may feel healthy and just fine for now, but have you considered what would happen if something tragic were to befall you? If not, you’re not alone. Many people don’t think about life insurance when they are young, thinking they have a lot of years before it becomes an issue.
Unfortunately, accidents happen every day that claim lives. Consider what would happen if you were to die tomorrow. Your family would be stuck with a lot of expenses on their own
Funeral Expenses
Did you know the average funeral costs about $10,000? That’s a lot of money for your family to come up with while they are also going to have to adjust to paying all the rest of the household bills. Even if you are not the type who doesn’t want a funeral, and would like a simple burial or cremation, it can still run into the thousands of dollars to take care of all your end of life expenses.
Family Essentials
Most households have two people working to pay the bills these days. If your home is like this, you may be wondering how you would get by if you had to pay everything yourself. This is the exact situation you could be putting your family in if you were to die. Even worse, if you are one of the lucky families where only one person works, while the other watches the kids, and you’re the working member of the family, consider what would happen to your family if they were to suddenly have no money coming in and you had not left a life insurance policy behind.
House Payments
Do you own your home free and clear? Most people don’t. That means if you were to die, the amount you help to pay towards the monthly mortgage, or even rent, will be gone with you. That means your spouse and children, if you have them, will be struggling to find a way to be able to afford to keep a roof over their head without a payout from a life insurance policy.
Getting Coverage
Now that you know you need some sort of insurance to help out your family, you need to decide what kind of coverage policy you want. First, find out if you have any coverage. If you work for a company, they may have already signed you up for a policy that they pay for. Often these are just policies that are only $10,000 or so, but those are enough to pay some of the expenses.
Next, consider what it would take for your family to continue on without you. This is what you should make sure your policy covers. Perhaps you want to make sure the house would be paid off and that they would have enough to live comfortably for a year or so. Figure out the total and look for a policy that will cover those needs.