Life Insurance, as most of us know, protects our family from the most devastating event an individual or family can experience. The death of a loved one, a business partner or a key person within an organization. So, let’s begin by talking about protecting your family.
In today’s family unit, for the most part, there are two individuals that are generating an income which are equally as important. Then, somewhere into the mix we add children.
The two parties, whether they are married or significant others, have bought a home, bought, or leased a couple of cars and have accumulated the normal amount of debt as prescribed by today’s society. Everyone is living the life and suddenly an unexpected tragedy occurs, one of them passes. In most scenarios where the couple are married, the total debt falls on the surviving spouse. At this point it is normal to see depleted savings accounts and personal bankruptcy and/or foreclosure may be inevitable. When we add children to the component, the impact is exponentially greater.
That is why Life Insurance is so important, because it helps a family to financially bounce back from the loss of a loved one. Life insurance can help you plan for your children’s college, payoff your home and eliminate pending debt. And if programmed correctly, some Life products could even help carry you through retirement while both parties live a long and healthy existence.