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Should You Consider Life Insurance?

Should You Consider Life Insurance?

When you die - never a pleasant way to start any discussion but there it is: when you die, if you are not alone the people who you leave behind will have many things on their minds to deal with. First and foremost will be the grief (hopefully) over losing you. Added to that grief, is the unusual and strange task of having to put you in the ground in a nice box perfectly sized for you and arranging for a nice service to go around that. Then, when all is said and done and they’ve shelled out a pretty penny for your pretty services, what next?

The “what next” question is what life insurance is for. As much as possible you want life to continue on as it had been before your passing for those you leave behind, and unfortunate as it may seem, money is the surest way to ensure that life does indeed go on. In the normal scheme of things, you can not have too much life insurance, but there are exceptions even to that rule. Under some circumstances, people might be inclined to believe they don’t need coverage, that life will continue on as normal even if they passed (aside from the grieving), but this belief greatly underestimates one’s life and function. Everyone knows what life insurance will provide in case of the loss of a working spouse, but what about other members of the family:

  • The stay-at-home parent: Your policy will allow your spouse to hire the proper help for the children while he/she continues to work, or even perhaps, to retire and take care of the children themselves.
  • The stay at home spouse with no kids: You cook, you clean, you do dishes, you vacuum, you have extraordinary value (to the tune of about $45,000/year salary to hire someone to do the same). A plan will enable your spouse to keep their standard of living with their work and maintain the same clean environment you provided.
  • Children: Yes, you might want to consider a rider on your own policy for your children, not that you usually have any income to replace with them, but funerals can run in the neighborhood of $10,000, which is usually what a small rider on your own plan is designed to cover.

In short, these policies should be seriously considered for everyone in the family for both the obvious (breadwinner) and not-so obvious reasons. With policies today running as low as they are, there isn’t really a reason not to get a simple policy at least, and rest assured that should something happen to your loved one, after the grief, life will continue as it had before.

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