Life goes on
Some people still today have no life insurance, not even any protection through their work. For them if something happens they are not around to worry about the problem anymore, but for those left behind, life continues to go on. However, with maybe an additional financial hardship that was not there before hand. When considering whether or not to buy life insurance, look around your family and consider what would happen to them if the unthinkable happened and you were not there to provide for them.
End of life expenses
It is sad to say that dying is an expensive habit. The average price of a funeral in America is now between $7,000 – $10,000. On top of this there may be state and federal taxes to pay. Money for these will need to be found and with no life insurance policy in effect this will have to come out of your loved ones savings.
Bills need paying
Any outstanding depts including mortgages and car loans still require payment. If the mortgage policy was taken out with no life insurance, then this will continue and will require the normal monthly payment. Non payment may result in foreclosure so this is a very important consideration to have in your mind. Credit card bills and bank loans still remain in effect unless protected with life insurance.
Loss of primary wage earners income
Many people do not consider the impact of the main wage earner on their standard of living if the unthinkable was to happen. Not all families have the luxury of being able to cope if the primary income suddenly stopped. Bills still need paying and groceries have to be bought. 1/3 of all Americans feel hat the loss of the primary wage earner would be felt within 1 month and another 1/3 have no idea.
Impact on childrens education
The college fund(s) is a source of saving for many families. Making sure that sufficient money is set aside each month to provide for a college education. With the loss of 1 income this becomes very difficult to achieve month on month. There is also the temptation to dig into this pot of money if the need arises. It would not be long until these hard earned savings disappear to pay for other things.
What can you do?
The easiest thing to protect your loves ones and to cease worrying about these eventualities is to take out life insurance. Many people are put off by the thought of taking out life insurance. The cost is more reasonable than you would think. Use a comparison site to obtain some quotes, and compare the prices to see how much you could save. Obtain at least three quotes to ensure that you are comparing prices from a number of different insurers.