We can’t be sure of how long we’ll live, so we need to plan ahead for the financial needs of our loved ones after we’re gone. If you die unexpectedly, how will the lives of your loved ones be impacted? What if your spouse or partner were to pass away? Don’t leave your loved ones in a financial bind when you’re gone. Give the lasting gift of life insurance.
The need for life insurance
Life insurance can’t make up for your loss to loved ones. It can, however, provide financial support to help with expenses at a difficult time and into the future. Imagine your life today and the lives of the people you care about. Now, imagine their lives without you. In addition to the pain of losing a loved one, they’re facing:
- Loss of your income
- Funeral and possible burial costs
- Ongoing bills like mortgage, auto and other loans
- Future expenses, like college
Life insurance can be one of the most loving gifts you can give.
The ones you love
If you’re a single person with no dependents, you may think your life insurance needs are limited. But what if you have a disabled relative or aging parents to care for — if not now, perhaps in the future?
Even if your spouse or partner doesn’t work for a paycheck, don’t overlook those contributions to the household. Child care, shared household responsibilities, children’s activities, and just being a parent all involve time and effort.
Life insurance coverage for one working spouse or partner may not be sufficient.
How much life insurance should you get?
If you’re thinking about life insurance, talk to your loved ones and evaluate your family’s financial needs. Consider buying enough insurance to pay off your mortgage and consumer debts and replace some or all of your income. If you want to pay for college for children, add that in too. A lot will depend on your age, the age of your spouse and children, debts, and funeral costs. Contact your insurance provider when you’re ready to purchase a policy.
The death of a family member is a painful event. But with proper planning, your family can have the support needed for financial peace of mind.
Article provided by Local Government Federal Credit Union.
The advice provided is for information purposes only. Contact your life insurance advisor for additional guidance.