A new year is a great time for reflection and fresh starts. It’s the perfect time to put the past behind you and look toward the future. Compared to losing those extra 20 pounds, protecting your family in the event of a death is a surprisingly easy New Year’s resolution.
Although most people don’t want to think about their own death or the death of a loved one, preparing for the event is one of the most selfless acts you can do for your family.
Life Insurance for the Primary Breadwinner
The first thing you want to do, if you haven’t already, is ensure that the primary breadwinner in the family is covered. Nothing can replace a spouse or a parent, but the financial consequences of that loss are another matter. Life insurance can protect the surviving family members from the loss of future income and the expenses that occur as a result of a death. Most people understand the importance of life insurance for the primary breadwinner, but there are other considerations as well.
Life Insurance for your Spouse
Very few families today can survive on one income, so even if a spouse makes less than the primary breadwinner, you should take a look at what the loss of that income would mean to your family. Could you survive financially if you lost that second income? Or, let’s say that spouse doesn’t produce a monetary income, but he or she is the primary caregiver of children or aging parents. What would it take, financially, to replace that care? No, life insurance can never replace the love of that caregiver, but it can give the survivors some peace of mind that their essential needs will be taken care of.
Life Insurance for your Children
Finally, the death of a child is probably the worst thing that can happen to anyone, and it’s every parent’s worst nightmare. It’s something no parent wants to even consider, but in the event that something should happen, life insurance can at least alleviate the financial burden of a child’s death. Many people believe that purchasing life insurance for children is a giant waste of money. Your children probably aren’t bringing home a paycheck that you rely on to pay the bills, but there are other factors to consider.
- The average cost of a traditional funeral is almost $6,600, according to the National Funeral Directors Association. Cemetery services, including the gravesite and vault or liner, can cost an additional $3,000. A life insurance policy on your child allows parents to grieve without the burden of worrying about how they will pay for the funeral.
- Medical bills left from a prolonged sickness and/or emergency room visits can accumulate and become a burden to a family mourning the loss of a child. A National Institute of Health (NIH)-funded study found the average cost for an ER visit was more than $2,000. In 2012, 11 of the 12 FDA-approved drugs for cancer were priced above $100,000 for a year of treatment.
- Your child may develop a condition later in life that will preclude them from purchasing life insurance in the future. Protecting your child early in life can ensure they have protection in the future.
Protect Your Family with the Right Life Insurance
Looking to the future by protecting your family with life insurance is one of the easiest and most selfless resolutions you can make. Make it a goal to protect your family with the right life insurance. Contact us at American Insuring Group at (800) 947-1270 or (610) 775-3848 to learn more about affordable life insurance policies available for your entire family.