It’s true. Life insurance is something we tend to push as far back into the corner of our mind as possible. After all, financial issues can be stressful enough without throwing death into the mix. When you have family and loved ones however, not having coverage or being underinsured is an even scarier prospect. You need it to be able to pay for things like funeral costs, supporting your children, assisting your spouse, paying debts and more after you’re gone. Sounds pretty awful, doesn’t it? It’s not if you have the right life insurance.
Life Insurance and Funeral Costs
It might sound odd, but let’s talk about funerals. Whether you like it or not - whether you wanted one or not - chances are, your loved ones are likely going to have some kind of a service for you. Funerals are expensive. They can easily run tens of thousands of dollars. You don’t want your family feeling a financial burden when they already have the emotional burden of missing you. The solution? A life insurance policy - and some clear communications with the family.
Life Insurance: Support Your Children After You’re Gone
If you are a parent, you need to consider what might happen to your children if something were to happen to you. Assuming you have life insurance, once the extensive cost of the funeral is taken care of, will you have enough left over to support your children? If they are young, will all their care be provided for? Do you want them to go to college? Life insurance can make all the difference in your child’s life, even after they have graduated from high school. So when thinking about life insurance, it’s important to think about your children’s long-term welfare.
Life Insurance and Your Spouse’s Income
For those who are married or living together, a sudden loss can be a crushing blow - again, not just emotionally, but financially. Many modern household partnerships two incomes to survive. So what happens when one of those incomes vanishes? You need to have a plan in place so your partner will be able to support themselves.
Life Insurance and Paying Your Debts
Finally, you have your own debts that need paying off. Some of those debts will be forgiven upon your death. But some, like mortgages, probably won’t be. Will your life insurance allow your family to stay in your home? Will they be able to keep your car and their own? Do you have a business to consider, too? These are some of the more important debts you should think about when considering life insurance.
Unfortunately, these are real life problems that need to be addressed ahead of time. But rather than being a source of stress, properly dealing with these issues can be a source of tremendous comfort - not only to you, but to those you care about. Knowing those you love are going to be okay if something happens to you can help everyone sleep a little better at night.
As with all insurance types, life insurance can be basic or include a full range of coverage. Talk to us about what kinds of life insurance you need for your particular situation. We will never try to over-insure you, but we will guide to you make sure you are aware of possible issues that can be prevented by having the correct coverage. Reach out today.
Since 1875, Freeman & Sherburne has been serving the insurance needs of clients by coupling a small-town approach with the most current tools to serve you best. We are licensed in Virginia, Maryland and Washington D.C.
As independent professionals, we provide all our clients with the best insurance solutions from a wide range of companies and programs. We make insurance simple, straightforward and economical. Reach out today and experience the way our agency works.