There are few events in life as painful as the death of your spouse. It’s an emotional time of grieving and struggling to cope with your sudden, overwhelming loss. You may find it difficult to heal in the aftermath. It may also be nearly impossible to consider what this new reality means for you and your surviving family financially.
Why is life insurance important when your spouse passes away?
If your spouse dies young, you not only lose your partner in life – you also lose their income. If they did not have life insurance coverage before their death, you may be facing financial struggles as you pay your mortgage, cover debts, and support children on a single income. If the deceased spouse was a stay-at-home parent, you likely face having to replace all of their hard work with professional childcare services, which can be expensive.
You have effectively become a single parent. You must consider what would happen to your children if you were not able to be around for them tomorrow. If something should happen to you, your children will be left without a parent to care for them. They will still need housing, food, clothing, college funds, medical insurance and more after you are gone. It is up to you to make sure that you leave your children a financial legacy to ensure their guardian can provide adequate care, while also covering your funeral costs.
What type of life insurance should I get?
This is a great way to protect your family for a specific amount of time. This type of insurance pays a guaranteed benefit in the event of the insured’s death during a specified term. Typical term lengths could be 10, 20, or 30 years. It comes with an end date, but it is also the more affordable option and the easiest to understand. You might purchase term life insurance to help supplement your income until retirement, until your kids are grown, or to make sure the mortgage gets paid in full.
Learn about Term Life Insurance
This lasts you for the rest of your life, unlike term insurance. While it can be more expensive, it has several attractive advantages. This type of insurance comes with fixed premiums, meaning your monthly payment is locked in and will not increase as you age. Your policy will also build cash value over time that you can borrow against tax-free to help you fund your retirement, for instance, or your child’s college fund. Consumers appreciate the benefit of forced savings, as well. And as long as you’re paying the premium, you’re covered if you die tomorrow or you live to be a hundred and twenty.
Learn about Whole Life Insurance
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