“Today I am jumping out of bed, calling that insurance company and protecting my loved ones” Said by No-One
The simplest solution to ensure you do not force a financial burden on your loved ones when you die. A death is stressful enough, but the consequences of this burden extend beyond the funeral bill. Take a moment and answer these questions.
How will income be replaced after your death?
Will the mortgage payment force the sell of the house and relocating of the family to another home?
Where will the college tuition for the kids come from?
And before that, who is going to raise the kids while the surviving spouse works?
While there are many different life insurance concepts, at the end of the day when you die the insurance company will make a cash payment to your beneficiary. This cash can be used for anything the beneficiary sees fit.