Because life may throw us a “curveball,” – for instance, the tragic death of a spouse – the impact on a family’s finances can be overwhelming. This is where life insurance can be of great value. The proper insurance can help replace the income of a spouse or provide additional income so your children will continue to be cared for and family life will continue to run on course.
To underscore the point, look at the income in real dollars if both you and your spouse work. What would the extent of that lost income cost your family? The other side of the problem is how much cash would it take to replace all that the “non-working” spouse contributes to your family?
Things become even more complicated if you have a child with special needs. If your non-working spouse is providing care for that child, who will handle those duties in the event of your spouse’s death? Insurance will help ensure the child continues receiving the proper care.
You Can Take the Lead
It’s easy to conclude that the wonderful lifestyle you and your spouse provide your family could become unraveled. Funds that have been set aside for other uses such as college, a child’s marriage, or your retirement may now need to be reallocated and used to pay monthly bills. Other complications arise if you have children from a previous marriage who are relying on you for help now and in the future. However, all of these situations can be addressed ahead of time, and successfully so, when life insurance is in place.
We all take a good deal of what we have for granted – it may be human nature. But life surprises us in so many ways. The solution is to provide our spouses and ourselves with a comfort of knowing that the needs of your family will be addressed. You can do this by insuring each other so your family will continue even after the loss of a spouse.
Keep in mind that there are several different types of life insurance, most of which are subject to application and underwriting approval. Consult your insurance professional for more information.