Thinking about and planning for death is never an easy thing to do. But death is unpredictable and can catch you unprepared if you have not thoughtfully considered and planned for its financial impact. An unexpected death can potentially drain your cash reserves and threaten your current standard of living. With this in mind, it is important to consider what your family would need to financially survive if you or your spouse were no longer there to provide for them.
If something were to happen, would you or your loved ones be able to:
Take off work long enough to make all the necessary arrangements?
Cover all the funeral costs? (The average total cost of a funeral today can range from $5,000 to $7,000.*)
Pay any outstanding hospital, nursing home, or medical bills?
Continue to afford your critical expenses such as the mortgage, utilities, car payments, and credit card bills?
Remain financially independent and maintain your current lifestyle during the mourning process?
When the time occurs, it's important to have the proper plans in place, including life insurance. You and your family will appreciate the peace of mind achieved from knowing that financial obstacles will not be a distraction during this difficult time of grieving and major life change.
Consider the costs of procrastination today … so tomorrow's future is protected for you and your loved ones.
* Reference: Funeralplan.com
